The PensionBee Robin Hood Index

By / 25 July 2016

25
July 2016

The PensionBee Robin Hood Index

Just like Robin Hood, we’re after a fairer deal for everyone.

For far too long pension providers have been treating their customers shabbily, so for the past few months we’ve been collecting data and tales from the front line to hold them to account.

We’ve measured their call times, annual fees, and how long it takes for them to respond to information requests, as well as whether they have a preference for communicating by post. We even looked at whether they need a marriage certificate to confirm a woman’s identity (yes, really).

We think it makes some staggering reading, and we’re sure you will do too. Take a look at the index below, and see how each provider measures up.

Provider Response time in days (1) Average call time in minutes (2) Annual fee (3) Do they prefer post? (4) Have they asked for a marriage certificate? (5)
Aegon 20 09:40 1.0% YES
Aon Hewitt 19 10:59 0.3% YES
Aviva 15 14:08 0.7%
Capita 16 08:52 0.3% YES
Fidelity 23 11:29 0.4% YES YES
Friends Life (6) 17 13:48 0.7% YES
Hargreaves Lansdown 12 07:10 0.9% YES
Legal & General 34 17:10 0.6% YES
Mercer 24 11:04 0.5%
NEST 21 09:59 0.5% (7) YES
Now Pensions 19 09:46 0.5% (8) YES
Nutmeg (9) - - 1.0%
Old Mutual Wealth 20 06:09 1.6% YES YES
Phoenix Life 22 06:53 1.0% YES
Prudential 14 08:11 0.9% YES
Reassure 11 06:41 0.8% YES
Royal London 8 09:54 1.2%
Scottish Widows 9 12:12 0.9% YES
Standard Life 12 08:47 0.8% YES
St. James’ Place 40 07:06 1.4% YES
The People’s Pension 34 15:48 0.5% YES
Virgin 24 11:55 1.0% YES
Willis Towers Watson 17 06:57 0.3% YES
Zurich Corporate Savings 16 11:43 0.6%
Average 19 10:17 0.78%  

Is your provider performing badly?

PensionBee can offer an antidote. We’ll combine your old pensions into an online plan that’s fit for the 21st century. Our plans are run by State Street and BlackRock - two of the biggest money managers in the world. You won’t be paying over the odds either, as fees are just 0.5% to 0.7%.

The data in the table is based on PensionBee customer activity between September 2015 and May 2016.

  • (1) Refers to the number of days it takes for a provider to produce information about a customer and their policy.
  • (2) The average number of minutes spent on the phone when calling providers for various reasons.
  • (3) Refers to annual ongoing product, administration, wrapper, platform and underlying fund fees. They do not include advice commission (except to the extent advice commission is incorporated in the product offering) or contribution and exit fees, unless so stated. Cost averages have been calculated where two or more observations exist for a particular provider; there were over 300 observations and on average there were 13 observations per provider.
  • (4) Marked “yes” where the provider more often than not communicates by post, as opposed to email.
  • (5) An antiquated provider practice of requesting a marriage certificate after a woman has changed her name (as opposed to standard ID and/or national insurance documentation).
  • (6) Includes Friends Provident policies.
  • (7) Includes a contribution charge of 1.8% on £1,000 of new contributions.
  • (8) Assumes a pot of £10,000 and a monthly administration fee of £1.50 in addition to the Annual Management Charge of 0.30%.
  • (9) The only provider to charge £20 to respond to an information request.
Mark James

by Mark James

Content and Communications Manager

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