Benefits Guru Workplace Pension Rating 2024

Aviva has once again demonstrated its impressive performance in the workplace pension solutions, securing six overall GOLD awards in the 2024 Workplace Pension and Auto-Enrolment ratings. This achievement underscores their commitment to providing exceptional products and services to the market.

Member App & Portal:

Member App & portal: Aviva offer their members a full native app which has all the same features and functionality as the online member portal. The app now has transactional capability, and some data is updated in real time. As expected, both the app and portal allow members to update and change their personal details online. The app also includes a secure messaging functionality. Members can also consolidate their pensions online and via the app and charges are clearly displayed in £/p as well as %’s.

At Retirement – Member Support:

At retirement options: Aviva offer full at retirement support and provide a lifetime annuity, impaired life annuity and flexible drawdown products, which can facilitate adviser charging and UFPLS payments. They also provide an online retirement planning tool. Wake up packs are issued one month before turning 50 including details of different retirement options, different ways to take retirement income, total fund value, and an explicit explanation of the open market option. Aviva do not currently support any form of digital retirement advice.

Member Engagement:

Member Engagement: Over 50% of Aviva’s members have registered for online access, and a significant portion have logged in within the past year. While many members have registered for online access, fewer have used advanced features like fund switching or making one-off payments but these services are there when they are required.

Individual & Bulk Pension Transfers:

Individual & Bulk Pension Transfers: Aviva offers direct offer communications for transfer to members of the existing scheme. There is no minimum pension amount and the majority of transfers are completed using the Origo Standard. The average Bulk transfer in is less than 10 working days, once they have all required information from scheme and/or members.

Understanding Scheme & Member Outcomes:

Understanding Scheme & Member Outcomes: Aviva Provides detailed insights into member data, including scheme summary, number of members, average pot size and AUM, The system generates actionable recommendations to improve member outcomes. The system is accessible to Advisers, Employers, and Trustees across various schemes. Provides insights into aggregated member data, including value of pot, gender, age, and other demographic information.

Member & Worksite Communications:

Member & Worksite Communications: Aviva will provide all the required member communications at no additional cost. Aviva’s system will generate auto-enrolment communications and they offer a range of worksite literature. Communications are provided in accessible formats such as large print and braille if required. They also offer online Annual benefit statements to members, and these show the actual scheme specific annual management charge for all funds selected by the member. The My Money proposition also offers Pension Snapshot solution which uses sophisticated digital technology to give customers a quick and personalised summary of their pension over the last 12 months.

Financial Inclusion:

Financial Inclusion: Aviva is committed to empowering members with the tools and knowledge they need to achieve financial well-being. By leveraging real member data and Open Banking technology, they offer generic and personalised financial education. Aviva’s range of savings vehicles and pension products, combined with our financial fitness scoring system, provides a holistic approach to managing day-to-day finances. To ensure fair treatment for all Aviva have robust processes in place to identify and support vulnerable customers. Aviva is committed to providing exceptional service and guidance. For those looking to buy a home, Aviva have provide step-by-step guidance, access to current market trends, and signposting for protection needs, ensuring a smooth and informed homebuying experience.

Support Services:

Support Services: Aviva offer very good support services to both the adviser and employer, which includes an implementation hub/portal to assist with the implementation process and will track all the steps required in order to set the new scheme up. This includes dedicated teams to support scheme set up, transfers, new joiners and leavers. They offer call centre, web-based and online services. Aviva offer full training to all parties and the system implementation process takes less than 1 month which is monitored by a dedicated account manager.

Default Investment & ESG Strategy:

Default Investment & ESG Strategy: Aviva offer a wide range of funds on their platform consisting of own, life-styling, multimanager, fund of funds, ethical, ESG and guided funds. They have a range of default investment options, the core default fund being the MY Future Focus, which is specifically designed for different target markets and can be customised by advisers. This includes the name and asset allocation through to customised factsheets. In the past 12 months Aviva designed their default fund offering.

Auto-Enrolment Functionality:

Auto Enrolment process: Aviva will provide all relevant member communications, have no restrictions in terms of staff turnover and have automated systems in place to monitor employee earnings and enrol them once they meet the AE contribution threshold. Their systems will handle multiple payrolls, staging dates and all pay frequencies as well as having CSV integration with a wide range of payroll providers (including Sage, Iress and Xero). In under 1 hour their system is capable of processing over 5000 employee records. They offer a range of reports and services to assist the employer and adviser with certification, scheme assessment and compliance.

Our 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 propositions.

To view the full medals tables, all the awards and the accompanying provider factsheets please visit www.benefitsguru.co.uk/ratings/