Just like Robin Hood, we’re after a fairer deal for everyone.
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)|
|Friends Life (6)||17||13:48||0.7%||YES|
|Legal & General||34||17:10||0.6%||YES|
|Now Pensions||19||09:46||0.5% (8)||YES|
|Old Mutual Wealth||20||06:09||1.6%||YES||YES|
|St. James’ Place||40||07:06||1.4%||YES|
|The People’s Pension||34||15:48||0.5%||YES|
|Willis Towers Watson||17||06:57||0.3%||YES|
|Zurich Corporate Savings||16||11:43||0.6%|
Is your provider performing badly?
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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.