Six workplace pension providers received a gold rating in the second annual Financial Wellness Ratings, Benefits Guru has announced.

The Financial Wellness Ratings is designed to help benefits consultants, corporate advisers and employers review products that improve member and employee outcomes and help improve financial wellness, according to Benefits Guru.

They also aim to provide clarity on the variety of tools and services that are available via workplace pension providers to help advisers and employers identify the propositions that will help improve outcomes for members and highlight areas where providers could enhance their offerings.

In the newest ratings six provider’s propositions – Aviva, Cushon, Fidelity, Hargreaves Lansdown, Scottish Widows and Standard Life – all achieved an overall gold rating for a number of their propositions, and in a number of sub-categories.

Aegon, Aviva Designer, Legal & General, Mercer Master Trust and True Potential were all awarded silver ratings and Royal London was awarded a bronze.

Benefits Guru also detailed the providers that were included in an additional category, Financial Wellness with Open Finance Ratings, which gave them a separate score to take account of their Open Finance functionality.

Propositions from Aviva, Standard Life and Mercer Master Trust were all given gold ratings, whilst the propositions from Scottish Widows and True Potential were given silver ratings.

Benefits Guru head of workplace research, Jason Green, commented: “We launched the Benefits Guru Financial Wellness Ratings last year to help providers, employees and advisers stay up to date on this fast-moving market, whilst also encouraging further innovation in financial wellness propositions.

"This year’s results show an increase not only in overall gold awards, but also in the different components being offered by the various providers.

“With interest rates and inflation rising, and the rising cost of living a point of stress for many, we call on all employers to review their workplace pension plans with their advisers to ensure they are offering their employees the most valuable, comprehensive, and innovative plans. It is also vitally important that employers communicate to their staff on exactly what they are entitled to.

“Your workplace pension provider might not be considered the first place to turn, but as we can see, many are now offering services which help identify and address vulnerable customers and assist with short-, medium- and long-term finances.”

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