How do you go about choosing a pension plan? For many of us – especially if you are part of a workplace pension – it’s something you tend to just accept. Bearing that in mind, the recent research done by Portafina into the response times of various different pension providers might make you think twice about simply accepting whichever pension scheme comes your way.
While the most responsive Defined Contribution pension providers took a relatively short time to provide basic information needed to advise clients (just over a week), the worst performing schemes took over five weeks to provide similar information.
When it comes to Defined Benefit (Final Salary) schemes, the results were even more dramatic. While the best performing company, Diageo, took 1.6 weeks to respond, the East Riding of Yorkshire Council took an average of 17.1 weeks to respond.
These results refer to the year up to October 2017 – which means that the pension freedom which was introduced in the tax year of 2015/16 might well have played a contributing factor.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in