Money Marketing E-Excellence Ratings Growing Pensions

8/6/2019 Money Marketing E-Excellence Ratings Growing Pensions

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GROWING PENSIONSWHAT WE LOOKED AT

IAN McKENNA9 June 2011 moneymarketing.co.uk

This month, the e-excellence results reflectthe latest further evolutionof our benchmarking process. Inlittle more than a decade, the platformcommunity has revolution-

ised the delivery of many financial products.Increasing numbers of IFAs are using platforms astheir default choice for big amounts of new busi-ness. At the same time, however, the FSA made itclear last autumn that they expect advisers toconsider platforms and traditional life

offices side by side when identifying themost appropriate solution for eachindividual clients needs. Againstthat background, F&TRC believeit is appropriate to adapt our ratingsto reflect this regulatory require-ment. This supplement thereforemeasures organisations fromboth communities against com-mon criteria. This has led tosignificant changes in certainof the measures applied inorder to ensure that eachtype of organisation is treat-ed equally. Prim-

arily, what we aremeasuring is how

easy does an

organi-sation makeit for advisersto do business withthem. We see thisas a crucial businesspartner selectioncriteria in the post-RDR world.

One of the major advantages which the platformcommunity has had over traditional life offices hasbeen their lack of legacy systems. This has enabledmany platforms to take a 21st Century approachto account opening and ongoing client service.Delivering the information the adviser wants whenthey want it must be a key requirement for anyorganisation. In both communities, life offices and

platforms, we can see examples of organisationsthat provide leading-edge e-commerce and otherswho really need to up their game.

While high levels of individual service deliveredthrough call centres and other support staff areto be applauded, they are not an alternative forseamless electronic processes. These issues will beparticularly crucial when trying to service clientswith more modest levels of investment and whilehigh-net-worth individuals may have the abilityto pay fees at a higher level, in practice, the weal-thier the customer the more demanding they arelikely to be.

In this supplement, we have continued the newstar rating format which builds on the overalle ratings for each organisation and provides anunderlying measure of the different features ofdifferent organisations propositions. Consequently,

in the pages that follow, readers can find measures of

58 different areasof pension providerpropositions. Assessingpropositions to this additional

level of granularity is designedto help advisers identify whereorganisations may have delivered detailedcapability in a limited range of areas, whichmay be entirely appropriate for certain propositions.

It enables us to measure full market propositionsside by side with specialists. In response to feedbackfollowing earlier supplements this year, we havealso expanded the explanation of the areascovered in each section of the assessments.

The emergence of the platform community hasprovided a valuable counterbalance to the increasinglevels of consolidation in the traditional life officemarket. While the 20-plus life offices operating in theadviser market in the early 90s have reduced to under10 mainstream players, the platform communityis playing an increasingly important role in ensuringthere is a wide range of choice available to advisers

and clients.

It is, however, important to recognisethat platforms are not the answer to every solution.

Indeed, while transparency was not a word onewould historically have associated with lifeoffices, those organisations who are nowproducing RDR-friendly products areincreasingly delivering the lucid chargingstructures many advisers have long beenasking for.

It is clear that in the post-RDR world,advisers will find it increasingly difficult, if not

impossible, to economically service clients withseveral contracts containing modest investments.

For sound economic reasons, it will be in theclients interests for advisers to review situationswhere the customer has multiple contracts andidentify where they can achieve the greatesteconomy of pricing.

While we will doubtless hear complaints fromsome elements of the life office industry thatadvisers are churning, in truth, they are protectingconsumers from overcharging.

These legacy life offices, especially the closed bookproviders, have it within their power to both reducethe charges to remain competitive and to implementthe level of automated processing that is necessaryto enable advisers to give customers service theyneed at a price they can afford.

This is an area where for too long the FSA has

talked about treating customers fairly but failedto act on Spanish practices that should haveno place in our industry in the 21st Century.

While always bearing in mind the FSA require-ments for pension switching, those life officesand platforms that have clear, transparent char-ging structures combined with market-leadinge-commerce should be the best place for consumersto grow their investments soundly without havingthe returns undermined by inefficiencies withinthe product provider.

This study should provide an excellent guideto advisers to help them identify which organi-sations are best placed to meet these operationalrequirements.

At this time, it would be useful if the FSA couldgive more explicit recognition to the needto identify providers that can facilitate low-cost

ongoing services to consumers in the future.Similarly, there does appear to be a signifi-cant regulatory imbalance at this time, with

a requirement for advisers to carry outand periodically review due

diligence in respect ofplatform operators

but no explicitrequirement forsimilar treatment of lifeoffices or other pensionproviders. Is it reasonable to expectadvisers to go through additional workto place business with platforms thatis not required for life offices?

The platform community has much to offerconsumers looking to provide for their retirementand it would be great to see advisers given a level

playing field to work with.

Sense of balance

Advisers must periodically review due diligence in respectof platform operators but there is no explicit requirement forsimilar treatment of life offices or other pension providers

Balancing act:The emergenceof the platformcommunity hasprovided a valuablecounterbalanceto the increasinglevels of consolidationin the traditionallife office market


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Online Service AvailabilityOpening TimesExamines who has access to theOnline Service/Extranet, determinesits availability and takes into accountany major system upgrades. In addi-tion, this section also aims to establish

the availability and provision of onlineuser support services.

Online Service AvailabilityDowntimesDetermines the events in which theOnline Service/Extranet would betaken down, how and when the adviseris notified and the safeguards andcontingency plans that are in placeto deal with such an event.

SecurityOnline SecurityEstablishes the online securitymechanisms, access points, passwordprocedures and controls that applyto the online service. This section also

examines the control the adviser hasover altering these settings.

SecuritySecure CommunicationsLooks at the security of electroniccommunications and how they aretransmitted securely in additionto document rights managementsoftware, identity checks andauthentication.

SecurityData ProtectionEstablishes how providers staff aretested in regards to data protectionpolicies, procedures, controls.

SecuritySecurity StandardsConsiders security policies andprocedures and whether or notthey adhere to industry standardssuch as the ISO 27001 InternationalStandard or others.

SecurityMobile SecurityEstablishes appropriate mobilesecurity measures, testing, policies,procedures and controls with regardsto the transmission of and accessto data via mobile platforms.

Online AccessAccess

Examines the different ways in which

an Online Service/Extranet canbe accessed online as well as thedifferent methods that are availablefor downloading documents. Thissection also establishes whether theonline service complies with theISO industry standard.

Online AccessMobile Platform & BrowserDetermines the different internetbrowsers and mobile platforms eachOnline Service/Extranet is availablethrough. Examines whether anyspecific mobile technology or appli-cations have been developed formobile platforms.

Online Audit TrailAudit TrailLooks at the internal audit systemsproviders use to identify who carriedout data input and when this wasundertaken. Also examines the levelof information provided to the adviser.

Online ProductsContributionsExamines the different contributioncollection methods supported byeach pension contract, for example,single/regular contributions. Alsoconsiders in-specie transfers andthe ability to accept protectedrights transfers.

Online ProductsCore OptionsEstablishes the range core of productand fund options available, forexample, the basic investmentchoice available through the plan.

In addition, this section looksat how well prepared platformsand providers are with regardsto changes in legislation.

Online Fund Coverage Investment/Fund OptionsConsiders the options availablewith regards to bespoke fundsand the facility to restrict fund choice.For example, the facility to purchaseinstitutional funds or funds heldoff the platform/extranet.

Online Fund CoverageNon-core OptionsEstablishes the range of non-coreproduct and fund options available.

Also considers the availability of

discretionary fund managementsand the ability to hold moreesoteric investments within the plan.

Fund InformationFund CodesEstablishes which fund codesare supported and determinesthe facility advisers have to searchfor specific funds. For example,which industry recognised codesare supported and the facilitiesavailable to advisers in terms

of fund searches.

Fund InformationFund Fact SheetsExamines who is responsible forproducing fund factsheets and thelevel of detail they provide. Forexample, whether factsheets areproduced in house or by a third partyand whether the adviser has the facilityto co-brand factsheets.

Cash AccountsCash AccountsExplores whether a cash account

is provided, where cash account money


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is held (for example, third-party bankaccounts) and if cash balances aresubject to the same ongoing chargesas invested assets.

Illustrations & Key Features Illustration GenerationLooks at how illustrations can beobtained by the adviser (for example,online via portals & extranet sites and/or by phone), when illustrations areavailable and in what formats. Alsoaims to establish how electronic

illustrations are provided and industry

standards that have been adoptedto support this.

Illustrations & Key Features Illustration DataExplores the information requiredby providers/platforms to generatean illustration. Examines thedifferent levels of detail displayedon the illustration as well as theflexibility that the adviser haswith regards to the data that canbe altered for example, the advisers

remuneration.

Illustrations & Key Features Illustration Storage/RetrievalEstablishes how long illustrationsdata is stored for and whether the datacan be re-used, for example, the facilityto use the date to pre-populate newillustrations/applications. This section

also examines whether there is thefacility for the adviser to searchold illustrations.

Illustrations & Key Features Illustration Growth RatesConsiders the firms approachto projecting fund values (for example,asset class/fund level) and establisheswhether FSA requirements withregards to growth rates have beenaddressed. Examines the flexibilitythe adviser has in relation to settinggrowth rates for different asset classes.

e-New Businesse-New BusinessExamines a range of areas, including

remuneration options, straight-through processing functionality,service availability, pausingan application session, signaturecapture process, pausing onlineapplications and the facility to makeamendments once the applicationhas been submitted.

e-New BusinessTransfers & Non-Origo OptionsConfirms whether online transfersare accepted for a range of differentproducts. Also establishes whetherdata can be taken from the cedingscheme provider in an electronicformat and whether the relevantforms are available and able

to be completed online.

e-New BusinessElectronic IDConsiders the anti-money launderingprocesses required and the extentto which this can executed online.

e-New BusinessPaymentsExamines the formats in whichpayments can be received froma ceding scheme provider context.

e-New BusinessOrigo Options (P2P)Establishes whether Origo standardsfor transfers have been adopted for

pension to pension transfers for

a variety of different products. Alsoexamines whether common transferdeclaration forms have been adopted.

Tracking FacilitiesTracking ProcessExamines how advisers are able to track

cases online, for example, via extranet,portal or CMS, how they are generatedand when. This section also exploreshow tracking messages are deliveredback to the adviser, for example,message directly into the clientmanagement system or email.

Tracking FacilitiesWhat is Tracked?Examines what processes can betracked, for example, first premiumcollection, National Insurance numberconfirmation, transfer of fundsconfirmation, etc.

Tracking FacilitiesProactive Tracking

Examines how tasks and requiredfuture actions are tracked, forexample, details of when a case waslast updated, date of the next requiredaction, commission/remunerationexpectation.

Online FacilitiesSwitchesExamines whether switches aresupported online, who can performfund switches or redirections and howas well as the method in which onlineswitching is processed/captured.This section also considers delaysin switches (that is, time out of themarket) as well the cost for sucha service.

Online FacilitiesRebalancingExamines the different typesof rebalancing facilities that areoffered such as standard adviser-driven rebalancing and automaticrebalancing. This section also exploreswhether the two can be combinedto create a bespoke facility tailoredto the advisers needs.

Online FacilitiesTradingLooks at trading facilities in respectof equity trades as well as large marketdeals. Also examines whether such

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GROWING PENSIONSWHAT WE LOOKED ATtrades can be placed via the sameplatform as standard investmentfunds or whether these are placedthrough a separate platform.

Online AmendmentsIncrements

Identifies whether incrementalbusiness (that is, additional top-upcontributions) is supported and if sowhether this is via an electronic-basedprocess (that is, does the process linkto a retirement planning tool andis a wet client signature requireeach time they make an additionalcontribution).

Online AmendmentsChangesExplores what changes can be madeonline and who has the access to makethem. Also considers the restrictionsto this process (for example, wherepaper is required) and how advisersand clients are notified of changes that

have been made.

ValuationsValuationsExamines the depth and scopeof electronic valuations and whetherindustry standards are adheredto. Also considers which pricefeeds and fund codes are supportedas well as bulk download valuationfacilities.

Valuation Data & Statements Valuation DataIdentifies the individual data itemssupplied by each provider/platformand how, for example, valuation andasset details supplied via an electronic

message delivered into a clientmanagement system.

Valuation Data & StatementsBenefit StatementsConsiders how future benefitprojections/benefit statements areprovided (for example, via onlineservice, email message in to clientmanagement system) as well as theirformat and whether there are linkswith any relevant online tools.

Valuations Error MessagesError MessagesExamines the different electronicmessages that are supported wherethe transmission of an electronic

valuation fails, for example, whaterror messages can be sent andtags. The greater number of errormessages supported means that theproblem is easier to identify and morequickly resolved.

Client AccessClient AccessExplores the levels of client accessthat are available, for example, viewonly access, trading access, accessto tools, and determines how if at allaccess can be restricted by the adviser.It also looks at how online clientactivity is recorded so that advisedand non-advised transactions areclearly distinguished.

Management InformationMI ReportingExamines the depth of manage-ment information that is availableand the formats in which it canbe provided. It also examines whe-ther bulk data downloads aresupported as well as specificclient-specific reports.

Management InformationClient Audit TrailConsiders the level of informationmade available to the adviser firmin respect of online client activity.

Management InformationCorporate Actions

Identifies the scope of the corporateactions service, where it is offered.For example, this section estab-lishes whether advisers are notifiedof corporate actions on a clientor fund basis.

Remuneration & ChargesChargesExamines the different product chargesthat may apply to the pension wrapper.Also considers the flexibility affordedto advisers with regards to where andhow these are deducted, for example,as cash account or a specific wrapperto ensure tax-efficiency.

Remuneration & ChargesRemunerationThis section covers the typesof commission/fees that can berecorded, the ability to reconcilethese electronically and matchinformation by case, client and adviser.This includes retainers, fee-basedadvice, commission offset anda range of other mechanisms.

Integration FunctionalityPre-populationPre-population is an obvious wayto reuse data that is stored into othersystems and reduce the risk of errors.This section examines the extentto which different information can bepre-populated to electronic applications.

Integration FunctionalityRe-populationThis section examines the extent towhich different information can be re-populated to electronic applications.Also determines how this informationis transmitted to the adviser.

Integration FunctionalityPortal IntegrationLooks at which portals each provider/platform integrates with and specif-ically identifies the data items that canbe captured and the level of dataexchange between them.

Integration Functionality

Platform IntegrationEstablishes the links that differentplatform providers have with Life& Pensions providers and the extentto which they integrate and exchangedata with them.

Integration FunctionalityProduct Provider IntegrationEstablishes the links that different life

& pensions providers have with otherlife and pensions providers and theextent to which they integrate andexchange data with them.

CMS IntegrationEstablishes the depth and level

of integration between the key clientmanagement systems operatingin the market and pension providerssurveyed in the study. For example,this section specifically details whatinformation can be transmitted from,held on and received by each clientmanagement system.

Social MediaPolicy & ProceduresEstablishes providers generalstrategy with regards to socialmedia specifically in the contextof individual pension contracts.This section also examines prov-iders associated policies andprocedures and whether these

have been formulated with theassistance of third parties.

Social MediaSites & ContentEstablishes the level of provideractivity on specific, key socialnetworking sites as well as other onlinesocial media communications.

Support ServicesSupport ServicesSummarises the extent of dedicatedcall centre support in relation to e-newbusiness process, pension transfers,increments and switching, investmentdecisions, general servicing andtechnical pension related queries.

Support ServicesCo-brandingExamines the extent to which adviserscan integrate their own corporatelogos, colours, etc, with a providersOnline Service/Extranet. Establisheswhether there are any minimumrequirements for this and whetherco-branding can be extendedto appear on reports, etc.

Support ServicesCommunicationLooks at the various communica-tion methods and options thatare available to advisers andestablishes whether these electronic

communications can be tailoredto a specific audience.

StandardsTCFExplores how TCF is being consideredand demonstrated throughout anorganisation, such as a statement andtesting staff with regards to theirunderstanding of the TCF principles.

StandardsService StandardsIdentifies what services have servicestandards published and whetheror not providers offer service levelagreements. Also identifiesoutstanding information which

is chased on the providers behalf.

StandardsPlain English AccreditationEstablishes what product literaturehas plain English accreditation forexample, Key Features Documents,Principles and Practices of FinancialManagement, Benefit statements,Websites etc.


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Aviva star attraction

GROWING PENSION SHOW THEY SCORED

9 June 2011 moneymarketing.co.uk

In 2011, we have increased the depthof measurement we are providing withour ratings. In addition to the overalle rating, we are now deliveringindividual star ratings on a widerange of different features withinthe underlying propositions. Thisis designed to assist individual advicefirms which may decide that certainfactors are most important to themto be able to use these assessmentsas a way to identify the providers thatbest suit their needs based upon theelements which they consider mostimportant to their own business

models, customer segmentationand operating structures.

In arriving at the overall e rating,different sections of the surveyare weighted of greater or lesserimportance based on the overallfeedback we receive from the market.Consequently, the organisationwith the highest number of five-starratings will not necessarily scorehighest overall. Indeed, consistentfour- and five-star ratings acrossthe board and a strong performancein the highest-rated categoriesmay achieve the highest overallresults. Some organisations chooseto develop propositions that arestrong in particular areas without

wanting to offer a broad-basedproposition. The star ratings, foundon pages 12 to 15 enable us torecognise and give credit to suchsituations in particular nichesand other specialisations.

AVIVAIndividual pensions

Sipp

Functionality ratings

(individual pensions):

///// 3//// 20/// 19// 10/ 4Functionality ratings (Sipp):

///// 4//// 18/// 15// 13/ 7Aviva retain their eee rating forindividual pensions for the second

year in a row while their Sippproposition was one of only twoto improve on its standing fromlast year. Key strengths in theindividual pension propositionwere e-New Business and CMSIntegration functionalityalthough it was noted thatenhancements could be madeto their Online Products infor-

mation, where they finished in thebottom three for this section. TheirSipp proposition performed well in theareas of our survey which examined

Valuation Error Messages and SocialMedia services but there is room forimprovement in the functionalityaround Cash Accounts and SupportServices to ensure that they do notlose ground to their peers. Avivaachieved seven five-star function-ality ratings overall, which includedIllustration Growth Rates ande-New Business Paymentsin both categories.

STANDARD LIFEIndividual Pensions

Sipp

Functionality ratings(individual pensions):


///// 7//// 17/// 20// 4/ 5Standard Life continue theirdominance in our e-Excellenceresearch, retaining their 2010ratings for both products. Thestrongest areas in their individualpension proposition were recordedas Online Service Availabilityand Online Products, where they

finished top overall. In the Sippoffering, first-place finisheswere seen in the Tracking Facilitiesand CMS Integrations sectionsof our survey. The only weaknessto report on, in both productcategories, was Fund Informationfunctionality, where they fell shortof meeting adviser requirements.Thirteen five-star ratings were achieved,including Illustration Growth Rates,Standards TCF and Online ServiceAvailability Downtimes, where theywere one of only two companiesto achieve five stars.

STANDARD LIFE

WRAP

Individual pensions

Sipp



///// 7//// 20/// 22// 3/ 4For the first time in our GrowingPensions study, we are evaluating wrapproviders alongside the traditional lifeoffice providers. Standard Life Wraphave picked up eee ratings for boththeir individual pensions and Sipppropositions, which recorded firstand second-place finishes overallin the sections of our survey whichinvestigated Online Products, CMSIntegrations and Standards. Again,their Fund Information was a weaknessacross both product categories andit was also noted that their Valuationsfunctionality in the individual pensionproposition could be improved.

Eleven five-star functionality ratingswere awarded, including OnlineProducts Contributions and e-NewBusiness Transfers & Non OrigoStandards for their Sipp proposition,and Standards TCF for both offerings.

TRUE POTENTIALIndividual pensions

Sipp

Functionality ratings

(individual pensions):


///// 10//// 19/// 15// 5/ 5True Potentials recently launchedwrap has hit the ground running,

collecting our highest rating in bothproduct categories. The strongest-performing areas were found in thesections of our survey covering OnlineFacilities, Online Amendments and

Valuations functionality, where theyfinished in first place overall. We seethis as a next generation platformproposition, delivering solutionswhich far exceed the ability of any

of the current major players toaggregate both platform and non-platform assets. This has the potentialto substantially upset the establishedorder in the platform market. Imaginethe potential if Avelo and Intellifloeach offered their customers theirown white-label platforms? TruePotential collected a total of 20 five-star functionality ratings and were theonly provider to achieve these forIntegration with Product Providers,Online Amendments Incrementsand Changes, Online Facilities Rebalancing and Switches. They also

collected the only five-star ratings forOnline Audit Trail and ManagementInformation Client Audit Trail, bothfor individual pensions.

FRIENDS LIFEIndividual Pensions

SippNo Product


///// 2//// 20/// 17// 11/ 5The Friends Life individual pensionproposition improved on their 2010ee+ rating, collecting the final eeerating in this category. Strengthswere noted in the sections of oursurvey which examined Social Mediaand Client Access functionality,where they finished in the top spot.However, we would recommend theybolster their Support Services and

Valuations information in their nextround of development both areaswhere they found themselves at the

back of the pack. This is an excep-tional performance when oneconsiders these products are notcurrently major target areas for thebusiness. Their two five-starfunctionality ratings were collectedfor Integration Functionality Pre-population and e-NewBusiness Payments.

AXA ELEVATEIndividual pensions

Sipp


///// 10//// 16/// 16// 8/ 6


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Functionality ratings (Sipp):

///// 7//// 13/// 16// 10/ 7A strong first time result for AXAElevate, where they narrowly missedout on achieving a clean sweep of eeeratings. Their strongest performanceswere seen in the ManagementInformation, Remuneration & Chargesinformation and Valuations Data& Statements sections of our surveyfor both propositions, and they alsoachieved first place overall resultsfor their individual pensions offeringin the areas covering Cash Accountsand Tracking Facilities. AXA Elevatecollected 20 5-star functionality ratingsoverall, and were the only companyto achieve these in the areas coveringOnline Access Access and Standards Plain English Accreditation for both

individual pensions and Sipp, andOnline Products Core Optionsfor Sipp.

AEGONIndividual Pensions

Sipp


///// 5//// 12/// 23// 8/ 6


///// 5//// 12/// 23// 8/ 6Aegons propositions have slippeddown the ratings in our study in bothcategories although robust results werestill recorded in respect of Online Audit

Trail, Valuation Data & Statements andRemuneration & Charges information.Ten five-star ratings were awarded toAegon, including Standards TCF ande-New Business Payments for bothproduct categories, while they wereone of only two providers to collecta five-star rating for Online AuditTrail for individual pensions.

PRUDENTIALIndividual pensions

Sipp

Functionality ratings(Individual Pensions):

///// 7//// 13/// 17// 7/ 6


///// 8//// 8/// 19// 8/ 10Mixed results for Prudential, wheretheir individual pension propositionimproved on its 2010 rating while theirSipp offering slipped to an ee rating.Their strongest scoring area for bothproducts was Illustrations & KeyFeatures, where they came top overall,and healthy marks were recorded bytheir individual pensions propositionin the areas of our survey whichexamined e-New Business and CMSIntegration. Fifteen five-star ratingswere collected, including Standards TCF, Illustrations & Key Features Illustration Storage/Retrieval and they

were the only provider to collect a five-star rating for e-New Business OrigoOptions (P2P) for their Sipp proposition.

COFUNDS(LEGAL & GENERALPORTFOLIO PLUSPENSION & SIPP)Individual pensions

Sipp

Functionality Ratings(Individual Pensions):

///// 5//// 13/// 11// 16/ 10


///// 5//// 18/// 16// 10/ 6Cofunds appear in our survey with fourdifferent propositions and the firstof these, the Legal & General portfolioplus offerings, achieved first-placefinishes overall for Valuation ErrorMessages and Integration function-ality, and also attained top two resultsfor Social Media. Overall, these aresolid propositions although we wouldsuggest that additional developmentbe earmarked for the functionalityaround Valuation Data & Statementsfor both products and the individualpension offering could be improvedin the areas which cover Illustrations

& Key Features information, Remun-eration & Charges information and thelack of Cash Accounts functionalityshould be addressed. Ten five-starfunctionality ratings were awardedfor both products, including Valua-tions Error Messages, IntegrationFunctionality Pre-populationand e-New Business Payments.

SCOTTISH WIDOWSIndividual Pensions

Sipp


///// 6//// 15/// 15// 12/ 5


///// 7//// 14/// 16// 11/ 5Scottish Widows have improvedon their 2010 rating for individualpensions while their Sipp propo-sition held station with its fourthee+ rating in a row. The mainstrengths in both offerings werenoted as being Fund Informationand the individual pensionproposition also recorded solidmarks for Illustrations & KeyFeatures, e-New Businessand Valuations informationcompared with their peers.Weaknesses were noted in theStandards functionality across

both propositions, and ClientAccess could be bolstered forindividual pensions.ScottishWidows attained 13 five-starfunctionality ratings, includingTransfers & Non-Origo Options,Electronic ID and Payments allof which fall within the e-NewBusiness section of our survey.

AXA WEALTHIndividual pensions

Sipp


///// 6//// 13/// 14// 12/ 7


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GROWING PENSIONS HOW THEY SCOREDFunctionality ratings (Sipp):

///// 7//// 13/// 16// 10/ 7AXA Wealth retain their 2010 e-ratingsfor both product categories where firstplace overall results were recordedin the survey areas covering OnlineAccess and Standards. Their Sippproposition also collected top marksfor Online Fund Coverage and CashAccounts. We would recommend thatadditional developments be targetedat the Tracking Facilities, e-NewBusiness and Online Amendmentsfunctionality for both products, all ofwhich were areas where AXA Wealthare being surpassed by their comp-etitors. A total of 13 five-star ratingswere achieved, including Standards Plain English Accreditation acrossboth products. They were the only

provider to achieve a five-starrating for Online Access.

SCOTTISH LIFEIndividual Pensions

Sipp



///// 3//// 10/// 20// 8/ 9Mixed fortunes for Scottish Life, whoseindividual pensions proposition retainsits 2010 rating, while their Sipp offer-ing has slipped slightly from last yearsposition. The strongest scoring area forboth propositions was Support Services

and they finished mid-table in a furtherfive areas of our survey. Improvementscould be made in Online Audit Trail,Online Products, Integration Function-ality and Management Information forboth products, where they are fallingshort of meeting adviser requirements.Scottish Life were awarded six five-starfunctionality ratings which includedIllustration Growth Rates.

LV=Individual pensions

Sipp


///// 1//// 8/// 20// 12/ 10


///// 1//// 8/// 20// 12/ 10

No change for LV= in this yearsratings, where their propositionsachieved respectable mid-table finishesin the majority of our survey sections.LV= picked up their five-star function-ality ratings for e-New Business Payments for both products.

LEGAL & GENERALIndividual Pensions

Sipp


///// 3//// 8/// 15// 10/ 3


///// 3//// 9/// 17// 2/ 3Legal & General did not participatein our 2010 survey but their ratingsthis year see an improvement on thoseachieved in 2009. The key strengthin both propositions was seen in theClient Access section of our survey,where they were placed first overallfor Sipp and second overall forindividual pensions. There area number of areas where improve-ments could be made to their existinge-commerce functionality, but wewould urge them to address theomission of Valuation Error Messages,Management Information and CMSIntegration to ensure that theyfull meet adviser requirements.

Six five-star functionality ratings wereawarded, including Fund Information Fund Codes where they were the onlyprovider to achieve this award.

WEALTHTIMEIndividual pensionsNo productSipp


///// 10//// 15/// 18// 5/ 2A small platform operator withtechnology many of their competitorswould envy, Wealthtime achieved a eeerating for their Sipp proposition.Despite not having the same sizedevelopment budget as some of their

larger peers, they held their ownin our survey by collecting first-placeoverall finishes for Online ServiceAvailability, Online Audit Trail, OnlineProducts and Support Services.We noted weaknesses in the areasof Client Access and Fund Inform-ation functionality. Wealthtime

collected 10 five-star ratings andwere the only Sipp providerto achieve a five-star rating forSupport Services Co-branding andStandards Service Standards.

COFUNDS(SIPPCENTRE SIPP)Individual pensionsNo productSipp


///// 5//// 17/// 17// 10/ 6

COFUNDS (SUFFOLKLIFE MASTERSIPP)Individual pensionsNo productSipp


///// 5//// 17/// 17// 10/ 6

COFUNDS PENSIONACCOUNT(PROVIDED BYSUFFOLK LIFE)Individual pensions

No productSipp


///// 5//// 17/// 17// 10/ 6The e-commerce functionality of thethree remaining Cofunds entries allrecorded first-place overall resultsin the areas of our survey whichexamined Valuation Error Messages

and Integration Functionality. Thesescores were underpinned by strongshowings for Social Media, CashAccounts, Fund Information, OnlineService Availability and OnlineAccess. We would urge development tobe aimed at the Online Fund Coverageand Valuation Data & Statementsfunctionality. Five-star functionalityratings were awarded in five areas,

including e-New Business Payments,Valuations Error Messages and Pre-population and Re-population in theIntegration Functionality sections.

AVIVA WRAPIndividual pensionsNo productSipp


///// 2//// 18/// 17// 13/ 7The Aviva Wrap Sipp propositionrecorded a respectable set of marksalthough there was no area of out-standing merit. Good results were seen

in the areas of Standards, Social Media,Valuations Error Messages and Rem-uneration & Charges information butwe would suggest additional enhance-ments could be made in the areas ofSupport Services and Cash Accounts.The two five-star functionality ratingscame in the areas of e-New Business Payments and Standards TCF.

ASCENTRICIndividual pensionsNo productSipp


///// 3//// 11/// 23// 9/ 92011 sees Ascentric improve on theirrating from 12 months ago. There areonly two areas which caused concernto us a low score for Client Accessfunctionality and the omission of

Valuation Error Messages. The threeareas where five-star ratings wereawarded included e-New Business Payments and Management

Information Corporate Actions.

ALLIANCE TRUSTSAVINGSIndividual pensionsNo productSipp

Functionality Ratings (Sipp):

///// 4//// 9/// 18// 13/ 5First time entrant Alliance Trust Savingsrecorded a respectable set of marks.Their stronger areas came in ClientAccess, Online Amendments, OnlineFacilities and Online Products, wherethey finished in the top half of the table.Four five-star ratings were achieved.


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OVERALL RATING (SIPP) ee+ ee- ee+ ee+ ee+ ee+ eee ee+ ee+

OVERALL RATING (INDIVIDUAL PENSION) ee+ NA NA eee NA ee ee+ NA NA

ONLINE SERVICE AVAILABILITYOPENING TIMES (SIPP) OPENING TIMES (INDIVIDUAL PENSION) NA NA NA NA NADOWNTIMES (SIPP & INDIVIDUAL PENSION) SECURITYONLINE SECURITY (SIPP) ONLINE SECURITY (INDIVIDUAL PENSION) NA NA NA NA NASECURE COMMUNICATIONS (SIPP & INDIVIDUAL PENSION) ##### ##### DATA PROTECTION (SIPP & INDIVIDUAL PENSION) ##### SECURITY STANDARDS (SIPP & INDIVIDUAL PENSION) MOBILE SECURITY (SIPP) ##### ##### ##### ##### ##### #####MOBILE SECURITY (INDIVIDUAL PENSION) ##### NA NA NA ##### ##### NA NAONLINE ACCESSACCESS (SIPP & INDIVIDUAL PENSION) ##### MOBILE PLATFORM & BROWSER (SIPP) MOBILE PLATFORM & BROWSER (INDIVIDUAL PENSION) NA NA NA NA NAONLINE AUDIT TRAILAUDIT TRAIL (SIPP) ##### AUDIT TRAIL (INDIVIDUAL PENSION) ##### NA NA NA NA NAONLINE PRODUCTSCONTRIBUTIONS (SIPP) CONTRIBUTIONS (INDIVIDUAL PENSION) NA NA NA NA NACORE OPTIONS (SIPP) ##### CORE OPTIONS (INDIVIDUAL PENSION) NA NA NA NA NAONLINE FUND COVERAGENON-CORE OPTIONS (SIPP) NON-CORE OPTIONS (INDIVIDUAL PENSION) NA NA NA NA NAINVESTMENT/FUND OPTIONS (SIPP & INDIVIDUAL PENSION) FUND INFORMATIONFUND CODES (SIPP & INDIVIDUAL PENSION) FUND FACT SHEETS (SIPP & INDIVIDUAL PENSION) CASH ACCOUNTSCASH ACCOUNTS (SIPP) CASH ACCOUNTS (INDIVIDUAL PENSION) NA NA NA NA NAILLUSTRATIONS AND KEY FEATURESILLUSTRATION GENERATION (SIPP & INDIVIDUAL PENSION) ILLUSTRATION DATA (SIPP & INDIVIDUAL PENSION) ##### ##### ##### ILLUSTRATION STORAGE/RETRIEVAL (SIPP & INDIVIDUAL PENSION) ILLUSTRATION GROWTH RATES (SIPP & INDIVIDUAL PENSION) ##### E-NEW BUSINESSE-NEW BUSINESS (SIPP) NA ##### E-NEW BUSINESS (INDIVIDUAL PENSION) NA NA NA NA ##### NA NATRANSFERS & NON ORIGO OPTIONS (SIPP) TRANSFERS & NON ORIGO OPTIONS (INDIVIDUAL PENSION) NA NA NA NA NAORIGO OPTIONS (P2P) (SIPP) NA NA NA NA NAORIGO OPTIONS (P2P) (INDIVIDUAL PENSION) NA NA NA NA NA NAELECTRONIC ID (SIPP & INDIVIDUAL PENSION) NA ##### ##### ##### PAYMENTS (SIPP & INDIVIDUAL PENSION) ##### ##### ##### ##### ##### ##### ##### ##### #####TRACKING FACILITIESTRACKING PROCESS (SIPP) TRACKING PROCESS (INDIVIDUAL PENSION) NA NA NA NA NAWHAT IS TRACKED (SIPP & INDIVIDUAL PENSION) ##### PROACTIVE TRACKING (SIPP) ##### PROACTIVE TRACKING ( INDIVIDUAL PENSION) NA NA NA ##### NA NAONLINE FACILITIESSWITCHES (SIPP) SWITCHES (INDIVIDUAL PENSION) NA NA NA NA NARE-BALANCING (SIPP) NA NA NA NARE-BALANCING (INDIVIDUAL PENSION) NA NA NA NA NA NA NATRADING (SIPP) TRADING (INDIVIDUAL PENSION) NA NA NA NA NAONLINE AMENDMENTSINCREMENTS (SIPP) INCREMENTS (INDIVIDUAL PENSION) NA NA NA NA NA

AEGON

ALLIANCETRUST

SAVINGS

ASCENTRIC

AVIVA

AVIVAWRAP

AXAWEALTH

AXAELEVATE

COFUNDS

PENSIONACCOUNT

(PROVIDEDBYSUFFOLKLIFE)

COFUNDS

(LEGAL&GENERAL

PORTFOLIOPLUSSIPP)

CO(SIPPCENTRE

2011 Growing Pensions e-Excellence Research:

SIPP & INDIVIDUAL PENSION


13/16

ee+ ee+ NA NA ee- ee- ee ee- ee+ eee eee eee eee

NA NA ee+ eee e+ e+ ee+ ee- ee+ eee eee eee NA

NA NA NA NA NA

NA NA ##### #####

NA NA NA NA NA

NA NA NA ##### ##### NA NA NA

NA NA NA #### ##### NA NA NA ##### ##### ##### ##### ##### NA NA ##### NA ##### ##### ##### ##### NA NA

NA NA NA NA NA NA NA NA

NA NA ##### #####NA NA NA ##### NA

NA NA ##### ##### NA NA NA NA

NA NA #####NA NA NA

NA NA NA NA NA

NA NA

NA NA ##### NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA ##### ##### ##### #####

NA NA ##### ##### NA NA ##### ##### #####

NA NA NA NA NA

NA NA ##### NA ##### #####NA NA ##### NA NA NANA NA NA NA ##### NA NA NANA NA NA NA NA NA NA NA ##### NA ##### ##### ##### ##### NA

#### ##### NA NA ##### ##### ##### ##### ##### ##### ##### ##### #####

NA NA NA NA NA NA

NA NA NA NA ##### NA NA ##### NA

NA NA NA NA NANA NA NA NA NA ##### NA NA NA NA NA NA ##### NA

NA NA NA NA NA NA

NA NA ##### NA NA ##### NA

COFUNDS

L KLIFEMASTERSIPP)

COFUNDS

(LEGAL&GENERAL

PORTFOLIOPLUSPENSION)

FRIENDSLIFE

LEGAL&GENERALLV=

PRUDENTIAL

SCOTTISHLIFE

SCOTTISHWIDOW

S

STANDARDLIFE

STANDARDLIFEWRAP

TRUEPOTENTIAL

WEALTHTIM

E

s some parts of processes are more important to advisers than others, various sections below are weighted differently in arriving at

e overall e-rating. Consequently companies can achieve high ratings in many individual sections without necessarily achieving the

ghest overall e-ratings. As different advisers use and prefer different ways of operating, to achieve the highest scores providers need

support the full range of operating methods identified by advisers as in regular use during our discussions with advice firms.

The above results reflect live services as at 12th May 2011. Copyright F&TRC 2011 - Not to be reproduced without written permission


14/16

ONLINE AMENDMENTS (CONT..)CHANGES (SIPP) CHANGES (INDIVIDUAL PENSION) NA NA NA NA NAVALUATIONSVALUATIONS (SIPP) VALUATIONS (INDIVIDUAL PENSION) NA NA NA NA NAVALUATION DATA AND STATEMENTSVALUATION DATA (SIPP) VALUATION DATA (INDIVIDUAL PENSION) NA NA NA NA NABENEFIT STATEMENTS (SIPP) ##### BENEFIT STATEMENTS (INDIVIDUAL PENSION) NA NA NA ##### NA NAVALUATIONS ERROR MESSAGESERROR MESSAGES (SIPP & INDIVIDUAL PENSION) NA NA ##### #####CLIENT ACCESSCLIENT ACCESS (SIPP) CLIENT ACCESS (INDIVIDUAL PENSION) NA NA NA NA NAMANAGEMENT INFORMATIONMI REPORTING (SIPP) MI REPORTING (INDIVIDUAL PENSION) NA NA NA NA NACLIENT AUDIT TRAIL (SIPP) ##### CLIENT AUDIT TRAIL (INDIVIDUAL PENSION) NA NA NA ##### NA NACORPORATE ACTIONS (SIPP) ##### ##### CORPORATE ACTIONS (INDIVIDUAL PENSION) NA NA NA NA ##### NA NAREMUNERATION AND CHARGESCHARGES (SIPP) CHARGES (INDIVIDUAL PENSION) NA NA NA NA NAREMUNERATION (SIPP & INDIVIDUAL PENSION) INTEGRATION FUNCTIONALITYPRE-POPULATION (SIPP) NA NA NA NA ##### #####PRE-POPULATION (INDIVIDUAL PENSION) NA NA NA NA NA NARE-POPULATION (SIPP) NA NA ##### RE-POPULATION (INDIVIDUAL PENSION) NA NA NA NA NA NAINTEGRATION: PORTALS (SIPP) NA INTEGRATION: PORTALS (INDIVIDUAL PENSION) NA NA NA NA NAINTEGRATION WITH PLATFORMS (SIPP) INTEGRATION WITH PLATFORMS (INDIVIDUAL PENSION) NA NA NA NA NA NAINTEGRATION WITH PRODUCT PROVIDERS (SIPP & INDIVIDUAL PENSION) NA NA NA NA CMS INTEGRATIONINTEGRATION: CMS (SIPP) NA INTEGRATION: CMS (INDIVIDUAL PENSION) NA NA NA NA NASOCIAL MEDIAPOLICY & PROCEDURES (SIPP & INDIVIDUAL PENSION) SITES & CONTENT (SIPP & INDIVIDUAL PENSION) SUPPORT SERVICESSUPPORT SERVICES (SIPP) SUPPORT SERVICES (INDIVIDUAL PENSION) NA NA NA NA NACO-BRANDING (SIPP & INDIVIDUAL PENSION) COMMUNICATION (SIPP) COMMUNICATION (INDIVIDUAL PENSION) NA NA NA NA NASTANDARDSTCF (SIPP) ##### ##### ##### TCF (INDIVIDUAL PENSION) ##### NA NA NA NA NASERVICE STANDARDS (SIPP) SERVICE STANDARDS (INDIVIDUAL PENSION) NA NA NA NA NAPLAIN ENGLISH ACCREDITATION (SIPP & INDIVIDUAL PENSION) NA NA NA ##### NA NA NAFUNCTIONALITY TOTALS (SIPP)5 STARS ##### 5 4 3 4 2 7 10 5 54 STARS 12 9 11 18 18 13 16 17 183 STARS 23 18 23 15 17 16 16 17 162 STARS 8 13 9 13 13 10 8 10 101 STAR 6 5 9 7 7 7 6 6 6FUNCTIONALITY TOTALS (INDIVIDUAL PENSION)5 STARS ##### 5 NA NA 3 NA 6 10 NA NA4 STARS 12 NA NA 20 NA 13 16 NA NA3 STARS 23 NA NA 19 NA 14 16 NA NA2 STARS 8 NA NA 10 NA 12 8 NA NA1 STAR 6 NA NA 4 NA 7 6 NA NA

AEGON

ALLIANCETRUST

SAVINGS

ASCENTRIC

AVIVA

AVIVAWRAP

AXAWEALTH

AXAELEVATE

COFUNDS

PENSIONACCOUNT

(PROVIDEDBYSUFFOLKLIFE)

COFUNDS

(LEGAL&GENERAL

PORTFOLIOPLUSSIPP)

CO(SIPPCENTRE

2011 Growing Pensions e-Excellence Research:

SIPP & INDIVIDUAL PENSION


15/16

NA NA ##### NA NA ##### NA

NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

#### ##### NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA ##### #####NA NA NA NA NA ##### NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA

NA NA

#### ##### NA NA NA NA NA NA ##### ##### NA NA NA

#### ##### NA NA NA NA NA NA #####NA NA ##### NA NA NA NA NA NA NA NA NANA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA ##### NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA ##### NA NA NA

NA NA NA ##### NA NA NA NA H NA

NA NA ##### ##### ##### NA NA ##### ##### ##### NA

NA NA #####NA NA NANA NA NA NA NA NA NA NA NA NA NA NA NA

5 5 NA NA 3 1 8 3 7 7 7 10 1017 17 NA NA 9 8 8 10 14 19 20 19 1517 17 NA NA 17 20 19 20 16 20 22 15 1810 10 NA NA 12 12 8 8 11 4 3 5 56 6 NA NA 3 10 10 9 5 5 4 5 2

NA NA 5 2 3 1 7 3 6 6 4 10 NANA NA 13 20 8 8 13 8 15 21 21 15 NANA NA 11 17 15 20 17 22 15 20 21 19 NANA NA 16 11 10 12 7 7 12 2 3 4 NANA NA 10 5 3 10 6 9 5 5 5 5 NA

COFUNDS

L KLIFEMASTERSIPP)

COFUNDS

(LEGAL&GENERAL

PORTFOLIOPLUSPENSION)

FRIENDSLIFE

LEGAL&GENERALLV=

PRUDENTIAL

SCOTTISHLIFE

SCOTTISHWIDOW

S

STANDARDLIFE

STANDARDLIFEWRAP

TRUEPOTENTIAL

WEALTHTIM

E

s some parts of processes are more important to advisers than others, various sections below are weighted differently in arriving at

e overall e-rating. Consequently companies can achieve high ratings in many individual sections without necessarily achieving the

ghest overall e-ratings. As different advisers use and prefer different ways of operating, to achieve the highest scores providers need

support the full range of operating methods identified by advisers as in regular use during our discussions with advice firms.

The above results reflect live services as at 12th May 2011. Copyright F&TRC 2011 - Not to be reproduced without written permission


16/16