How is your provider performing?
At PensionBee, we’re serious about improving the pension industry. Saving should be simple, affordable and stress-fee, not complex, expensive and enough to make you angry.
That’s why we’re not shy to shame the worst offenders. It’s been three years since our first Robin Hood Index but some bad behaviour still remains, especially when it comes to transfer times and hidden fees. See how your provider fares in the Robin Hood Awards 2018…
Want to do a bit more digging? Read more about the results on our blog, or study the winners and losers in more detail below.
5 slowest transfer times
| Position | Provider | Average transfer time |
|---|---|---|
| 1 | Xafinity | 52 |
| 2 | Now: Pensions | 45 |
| 3 | Mercer | 44 |
| 4 | Towers Watson | 41 |
| 5 | Aon Hewitt | 41 |
Source: PensionBee. Total sample size of 7,292 from January 01, 2018. Each individual provider has a sample of at least 5 transfers.
5 worst providers by average annual charge
| Position | Provider | Average annual charge |
|---|---|---|
| 1 | Now: Pensions | 62.1% |
| 2 | Zurich* | 5.9% |
| 3 | Aegon | 1.1% |
| 4 | Phoenix | 1.0% |
| 5 | Nest | 1.0% |
*predominantly personal pensions
Source: PensionBee. Based on a total 1,056 annual charges found between June 2017 and March 2018. Each individual provider has a sample of at least 20 observations. PensionBee calculated the charge by adding up all fees, including fund fees, fixed £-based fees and any other policy fees that may apply. In the case of Now: Pensions, a £-based fee of £18 (in addition to a %-based fee of 0.3%) is applied to fairly small pension values (approximately 40% of the pensions in the sample of 91 were below £100).
5 best providers by average annual charge
| Position | Provider | Average annual charge |
|---|---|---|
| 1 | Legal & General | 0.3% |
| 2 | Fidelity | 0.4% |
| 3 | B&CE | 0.5% |
| 4 | Standard Life | 0.8% |
| 5 | Aviva | 0.8% |
Source: PensionBee. Based on a total 1,056 annual charges found between June 2017 and March 2018. Each individual provider has a sample of at least 20 observations.
5 biggest exit fees
| Position | Provider | Exit fee (£) |
|---|---|---|
| 1 | Phoenix Life | 12,245 |
| 2 | Phoenix Life | 10,543 |
| 3 | Phoenix Life | 9,413 |
| 4 | Phoenix Life | 9,206 |
| 5 | Phoenix Life | 7,239 |
Source: PensionBee. 5,431 from June 2017 to April 2018, of which 305 had exit fees.
5 biggest exit fees as a proportion of a pension
| Position | Provider | Exit fee as a percentage |
|---|---|---|
| 1 | Phoenix Life | 96% |
| 2 | Abbey Life | 69% |
| 3 | ReAssure | 56% |
| 4 | Abbey Life | 47% |
| 5 | Phoenix Life | 45% |
Source: PensionBee. 5,431 from June 2017 to April 2018, of which 305 had exit fees.
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, BlackRock and Legal & General - three of the biggest money managers in the world. Find out more on our dedicated plans page.
As with all investments, your pension value can go up as well as down so your capital is at risk.