Benefits Guru Financial Wellness Ratings 2024
We are thrilled to congratulate Aviva on their exceptional performance in the Financial Wellness Rating!
This prestigious recognition, powered by the Finance Technology Research Centre, acknowledges providers who excel in delivering exceptional value and service to both employers and employees.
Aviva’s awards for their Group Pension propositions is a resounding testament to the company’s commitment to innovation and high-quality service. This achievement underscores Aviva’s dedication to empowering its customers with the resources they need to achieve financial wellness.
We applaud Aviva’s well-deserved recognition and their continued dedication to excellence within the market.
Financial Wellness with & without Open Finance
OPEN BANKING:
Aviva have partnered with a third party to deliver open finance technology via their workplace pension proposition, at no additional cost of the member or employer. This will include data from current/savings accounts and credit cards, including partner and joint accounts. They can connect with all high street and some of the newer challenger banks. There is no limit to the number of accounts which can be connected, and they will automatically categorise all transactions.
DEBT MANGEMENT:
Although Aviva do not currently offer Debt Management tools they do offer educational literature as part of their proposition.
EMERGENCY CASH FUND:
Aviva have a facility to help members create an Emergency Cash Fund (ECF) but this not yet based on data provided via their open banking service. Funds can be invested in a combination of an ISA, GIA or cash account. Aviva also provide educational / learning literature about why an ECF is important via the online member portal and via face-to-face sessions. Unlike the Designer offering, payments can be made by the employer into this plan, i.e. they can redirect payments which are above the Auto-Enrolment min requirements.
FINANCIAL EDUCATION (personalised content):
Aviva provide a wide range of personalised financial education to their members, which is based on their age, retirement date, family status and financial position. This includes information on what a pension is, the state pension, death benefits, investment options, budgeting and savings. This is delivered via online support, face-to-face sessions, video content and the mobile app. They also have the ability to host bespoke content provided by the employer.
MICRO SAVING FUCTIONALITY:
Aviva do not currently offer Micro Savings functionality as part of their proposition.
VULNERABLE CUSTOMERS:
Aviva have a strong process in place in order to help identify vulnerable customers. They follow the FCA four principles in order to ensure fair treatment and have a dedicated team to identify and address vulnerable customers. All frontline staff are trained annually and they have partnered with the following charities and support groups: Macmillan Cancer Support, Citizens Advice, Money Advice Service, Samaritans, Safe lives, Age UK, Step change, Cruse Bereavement Care, Sign Live, Plain Numbers.
BUDGETING & GOAL SETTING:
Aviva provide a budget management tool, but this is not yet using open finance or open banking technologies, therefore the functionality is limited. Users can however create short-term savings goals, spending goals and retirement goals.
FINANCIAL HEALTH CHECK:
Aviva provide a wide range of personalised financial education to their members, which is based on their age, retirement date, family status and financial position. This includes information on what a pension is, the state pension, death benefits, investment options, budgeting and savings. This is delivered via online support, face-to-face sessions, video content and the mobile app. They also have the ability to host bespoke content provided by the employer.
HELP TO BUY
Aviva have a facility to provide members with personalised guidance, from the Saving Goal. Mortgage Calculator to a step by step guide to the home buying process. They signpost government schemes and the need to protection.
SAVINGS VECHILES & SMART SAVINGS
Aviva offer access to a range of additional savings vehicles as part of their pension proposition. They offer their own Cash ISA, Investment ISA, GIA – all of which allow contributions to be made at source via payroll, they can allow for the redirecting of payments which are above the Auto-Enrolment minimum requirements (additional employer contributions), one off payments by the member and transfers in from an existing policy. They do not currently offer a Lifetime ISA or cash deposit savings accounts.
Our annual ratings are designed to assist advisers, providers and employers in their decision-making process and highlight which providers have the greatest strengths, all the awards and the accompanying provider factsheets please visit www.benefitsguru.co.uk/ratings/ click on relevant areas of their pension propositions.
