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Old Mutual Wealth tops new Defaqto ‘Pension Service Ratings’

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Defaqto, an independent researcher of financial products, has awarded Old Mutual Wealth with a Gold Rating in its new Pension Service Ratings.

Defaqto’s Pension Service Ratings provide an unbiased assessment of the quality of service given by providers of individual pension products including SIPPs, annuities and personal pensions, based on advisers’ experiences. Old Mutual Wealth achieved the top overall satisfaction score with 91 per cent, and is one of only five providers to be given the Gold Service Award.

The Pension Service Ratings are based on a Defaqto survey of 500 advisers who deal in and advise on individual pension products. As part of the survey, the advisers rate the importance they place on 41 aspects of service. In addition, respondents list the pension providers they prefer and then rate their level of satisfaction with the service they receive from them. Defaqto uses all this data and information to rate providers Gold, Silver or Bronze, or not at all.

Adrian Walker, Retirement Planning Manager, Old Mutual Wealth, says: “The pension market is a core focus for us following the biggest shake-up in the rules around how people access their pension in retirement for a generation.

“Our UK Operations teams have dealt with unprecedented call volumes about the new retirement income options in the run up to the tax year end and our sales teams have for some time been having more and more conversations with advisers about the new retirement planning opportunities.

“To not only achieve a Gold Rating but also get the highest score of all the providers across all pension products is fantastic. I’m so pleased that all our efforts have not gone unnoticed by financial advisers and have clearly been appreciated.”

David Cartwright, Head of Insight and Consulting (Wealth and Protection), Defaqto, says: “Our new Pension Service Ratings should act as a valuable tool to help  advisers  select the most suitable providers based on the reviews of their peers. In this period of unparalleled change in the pensions market it is a real achievement to get the Gold Rating.”

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