Pension providers fail to serve existing customers - Defaqto

Personal pension providers are failing to properly run existing business, according to research company Defaqto.

Defaqto's survey of 500 advisers claimed individual pension providers show good service standards for new business but are failing to meet most of the criteria advisers consider important for existing customers.

In the existing business servicing category, advisers said their expectations were only met by providers' fund and investment valuations.

On policy alterations, transfer-out capability and switching or transaction capability, providers failed to meet advisers expectations and consistently meet clients' needs, Defaqto claimed.

The top performers in serving existing clients were Nucleus, Prudential and Scottish Life, according to the research.