- 21 propositions have been benchmarked. Two have asked to be not rated.
- Nine providers achieve overall Gold awards in workplace pensions ratings, including Aviva, Royal London, Scottish Widows and Standard Life
- New entries from Cushon and Fidelity Own Trust, and several more providers to be added later in the year.
- Full ratings freely accessible via FTRC workplace website for advisers, employers and providers, BenefitsGuru.co.uk
Benefits Guru, powered by FTRC, has today revealed the final scores for its annual workplace pensions and auto-enrolment ratings. The ratings are designed to provide clarity and guidance to advisers and employers, and in turn to enhance the industry’s service and products available to consumers.
In their seventh year, the annual ratings are designed to assist advisers, providers and employers in their decision-making process and highlight which providers have the greatest strengths in different areas of their pension’s propositions.
The number of provider entries in the annual ratings reached its highest ever, with 21 entries included. The increase of providers taking part year on year reflects a growing recognition of the importance of there being a transparent, industry-wide benchmarking tool. The final ratings are compiled based on a data set and in-depth analysis of over 10,000 data points.
Each entry receives a Gold, Silver, or Bronze (or Not Rated) rating for their overall score plus series of key underlying sub-categories (ten for workplace pensions and nine for auto-enrolment) in recognition of individual areas of excellence.
The sub-categories reflect the most frequently selected features chosen over the last 12 months by advisers, using FTRC’s Quality Analyser online comparison tool and provide a deep level of clarity to distinguish the differences between each proposition.
Of the workplace pensions sub-categories this year, Online Member Services (which included member apps and portal), Record Keeping & Governance and IT Resilience and Continuity achieved Gold medals awarded across majority of the entries
Jason Green, Head of Workplace Research at FTRC and Benefits Guru, commented: “This year, we were really pleased that the majority of providers scored very highly overall, demonstrating their continued commitment to providing market leading services. It is also very rewarding to get so many providers on board, showing their support in our ratings which grows year on year.
“Following the launch of Benefits Guru Financial Wellness Ratings for Workplace Pension providers earlier this year, we noted an increase in companies innovating and enhancing their product propositions which has been reflected positively with an increase of Gold medals. We see this as a trend that will continue to grow.
“Our continued mission is to get all providers within the industry involved and accountable for their products. It is important to provide advisers, providers, and employers with the full picture so that they can make better, more informed decisions on the best operational capabilities and product features for customers. Benefits Guru can provide this as a data driven organisation, we only focus on the facts.”
Karen Barwick, Director, Laurus Associates commented: “The annual ratings from Benefits Guru provide both advisers, and indeed employers, with a comprehensive overview of the workplace pensions market. It’s great to be able to compare so many different provider proposition side by side with the accompanying factsheets, and the comparison software allows us to produce our own detailed internal benchmarking and due diligence reports to assist and support us in our provider selection process and on-going reviews”
The full ratings can be found at BenefitsGuru.co.uk – FTRC’s insights information site for advisers, employers and providers in the workplace pensions market.