We are pleased to announce the 2022 Financial Wellness ratings which benchmark Workplace Pension providers in two categories:

  • Financial Wellness without Open Finance
  • Financial Wellness with Open Finance

These ratings are designed to help benefits consultants, corporate advisers and employers review products that could meaningfully improve member and employee outcomes, as well as help improve financial wellness and resilience.

We have benchmarked 20 provider propositions and 7 providers have achieved an overall Gold award across the two rating sets, demonstrating industry-wide commitment to improving financial wellness for the consumer.

Each provider received a Gold, Silver, Bronze or Not Applicable rating for their overall proposition, plus an award in 9 underlying sub-categories:

  • Financial education (personalised content)
  • Financial education (generic content)
  • Debt management tools
  • Savings vehicles and smart saving
  • Vulnerable customers 
  • Research and educational events
  • Budgeting and goal setting
  • Micro savings functionality
  • Emergency cash fund

A 10th sub-category of Open Finance was included in the Financial Wellness with Open Finance ratings.  

Financial Wellness without Open Finance

Six providers – Aviva (My Money and My Money Master Trust), Cushon, Fidelity (GPP and Master Trust), Hargreaves Lansdown, Scottish Widows (GPP, GSIPP and Master Trust) and Standard Life (GFRP & DC Master Trust)  – all achieved an overall Gold rating for their propositions.

To see the full medals table and accompanying provider factsheets please CLICK HERE

Financial Wellness with Open Finance Ratings

Aviva, Mercer Master Trust, True Potential, Scottish Widows and Standard Life also took part in the Financial Wellness with Open Finance ratings, which provided them a separate score to take account of their Open Finance functionality.

Aviva, Mercer Master Trust and Standard Life all achieved an overall Gold award in these ratings, which demonstrates the strength of their propositions.

To see the full medals table and accompanying provider factsheets please CLICK HERE

We will be announcing a separate set of standalone Open Finance ratings next week, which will look at each providers’ Open Finance proposition in greater detail, exploring the functionality and services they can offer.

To view our full ratings, including all providers and their accompanying individual factsheets visit www.benefitsguru.co.uk