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How to choose a pension provider

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Make sure you do thorough research before choosing a pensions provider

How to choose a pension provider

There’s not a huge number of pension providers operating in the auto-enrolment market. Now you can either choose to do this process yourself and come direct to them. You might want to have a look on a few websites such as the Pensions Regulator as to who exactly is in that market. You may choose to get advice from somebody like a financial advisor or an accountant.

And as ever, with any type of product, there’ll be cost versus value. There’ll be some really cheap ones out there where you get the sort of basic fundamentals of a pension scheme, and then there’ll be some out there like my company, Aviva, where you just pay a little bit more and you’ll get some support around it. So bringing that to life, some of those things you might look out for is some support on the telephone as you’re setting up your pension scheme. That can be quite daunting to somebody who’s never done a pension scheme before. Just having somebody to speak to can be reassuring around that.

Other things to look out for are you’re never quite sure how much auto-enrolment is going to cost you, all the hidden costs in there. Have a look on the website to see if providers help you with that, with such things as a cost modeller.

So there’s a lot to look out for in that. If you are using a financial adviser or an accountant, make sure that they are doing thorough research and that they’re giving you all the options across the market and haven’t just defaulted you into one particular provider.

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