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Employers getting ‘switchy’ over workplace pensions


New figures from Aviva show that the secondary market in workplace pensions is continuing to thrive.

Enquiries coming into Aviva from employers and advisers looking to switch pension provider were up 60% during the first half of 2019, compared to the first six months of last year. Two thirds of those enquiries came from advisers while the remaining third were direct from employers.

It comes as employers and employees are increasingly recognising the value of a well-run workplace pension scheme. In a recent survey* by Aviva, pensions came second in a poll of workplace benefits employees were most interested in, just behind annual leave.

More than a million businesses have set up a scheme and 10 million employees have begun saving for their retirement.

Many businesses have now had their schemes for a number of years, providing them with time to assess if they are delivering what they require.

This has led to a ‘secondary market’ where businesses are looking to potentially change their workplace pension provider. This secondary market is being fuelled by those companies and their advisers who are now looking around to see what else is available.

Malcolm Goodwin, Head of Workplace Savings and Retirement at Aviva, said:

“A few years ago, some employers may have seen setting up a workplace pension scheme as an administrative hassle that they just needed to get done as quickly as possible.

“But it is becoming clear that a pension is a really valuable benefit to employees. This is leading to businesses and their advisers re-evaluating their pension schemes and making enquiries about switching.

“Pension schemes and pension providers can vary widely. I’d encourage employers of all sizes to assess whether they and their employees are getting the value for money they had hoped for.”

*Survey of 2,011 employed people carried out by Censuswide on behalf of Aviva in March 2019


  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.  
  • Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and manages over £346 billion in assets (as at 30 June 2019). Total group assets under management at Aviva group are £501 billion (as at 30 June 2019).
  • Aviva helps people save for the future and manage the risks of everyday life; in 2018 we paid £32.9 billion in claims and benefits on behalf of our 33 million customers.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.

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