Benefits Guru Workplace Pension Rating 2024

Royal London has once again excelled in this year’s Benefits Guru Workplace Pension and Auto-Enrolment ratings, solidifying its position as one of the leaders in the pensions industry.

This achievement reflects their dedication to providing innovative solutions, exceptional service, and value to their customers.

Member App & Portal:

Member App & portal: Royal London offers both a member portal and a native mobile app, which now include transactional capabilities. The app provides educational resources on regular premiums, single premiums and transfers, and allows users to make single premium payments via a secure weblink. Users can transfer pensions from other providers, supporting Direct Offer and Execution-Only transfers. Members can add, update and view beneficiaries on the app. Members can change their address and receive notifications about ProfitShare awards through the app and view these on the portal. The app and portal also provide access to educational tools and calculators to assist with pension management. The Financial Wellbeing Service, which offers personalised guidance on saving, managing debt, and planning for retirement, is accessible through both the online portal and the mobile app.

At Retirement – Member Support:

At retirement options: Royal London has a robust at-retirement process. Members receive “wake-up” packs starting one month before they turn 50 and then every five years. These packs include internal and third-party retirement information and guidance. Members can access their savings in a way that suits them: they can leave the pension invested, take it as cash, or buy an annuity. Members also have access to flexible drawdown options, which accommodate adviser charging and UFPLS payments. Royal London provides tools for advisers to assist with pension freedom changes. The minimum fund value required for a Flexible Access Drawdown (FAD) is £10,000, with a minimum regular income payment of £25. As part of their proposition, Royal London has implemented Investment Pathways and now offers digital retirement guidance, which provides personalised guidance on planning for retirement. There is also Royal London guidance team if members need additional support understanding their retirement options.

Individual & Bulk Pension Transfers:

Individual & Bulk Pension Transfers: Royal London operates a fully automated system for restructuring existing pension schemes onto a new platform. Any differences between the old and new products are confirmed in writing. There is no minimum requirement for transfers, and most are completed using the Origo Standard. Transfer tracking is manually managed by the customer support team, and Royal London allows the use of electronic signatures for pension transfers. Royal London has improved and streamlined its transfer processes over the last year.

Member & Worksite Communications:

Royal London offer a wide range of worksite literature which can be customised to the employer and can support all the required member communications at no additional cost. They can generate auto-enrolment member communications and can provide electronic benefit statements. The system has the ability to generate management information and regulatory reports. Royal London’s video pension statements are available to all schemes following the successful pilot.

Financial Inclusion:

Financial Inclusion: Royal London uses real member data to gain a deeper understanding of their members’ financial situations, including income, expenditure, and debt, helping members better manage their day-to-day financial lives. The Financial Wellbeing Service, developed with the input of behavioural scientists, offers individuals a comprehensive overview of their current financial situation. This includes a personalised financial health check and tailored content on topics such as managing debt, protecting loved ones, and saving for emergencies. The financial wellbeing tool also creates a financial wellness score based on this data. Additionally, Royal London offers a high level of generic financial education to its members. They also have a robust process for identifying vulnerable customers, supported by a dedicated team that ensures fair treatment.

Support Services:

Royal London provides excellent support services for both advisers and employers. This includes a comprehensive implementation hub and portal that tracks the setup process, issuing alerts when actions are required. Dedicated teams are available to assist with scheme setup, transfers, new joiners, and leavers, ensuring smooth transitions. They offer multiple channels for support, including call centres, web-based, and online services, alongside full training for all parties involved. The system implementation process is typically completed within one month and is overseen by a dedicated implementation manager who remains aligned until all parties are confident and competent in using our system. Additionally, client relationship managers are available for larger schemes.

Default Investment & ESG Strategy:

Default Investment & ESG Strategy: Royal London offers a range of funds on their platform consisting of a mix of own, life-styling, multi-manager, fund of funds, ethical, ESG and guided funds. Fund fact sheets are updated on a monthly basis. Royal London have a number of default investment options available to the member which can be customised by advisers, along with free unlimited online switching. The core default fund used for auto enrolment is the Balanced Lifestyle Strategy (Drawdown).

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/