UK - A Watson Wyatt survey of 202 employers found the responsiveness of providers of defined contribution (DC) pension schemes was "underwhelming".
Asked how they rated the timeliness of their provider’s responses to their enquiries, 48% of respondents chose poor, very poor, or acceptable. Only 13% chose excellent.
"In most service industries anything less than 'good' is considered not good enough," commented Gary Smith, senior consultant at Watson Wyatt.
"So while half of employers may regard the timeliness of service they receive to be good or better, [the fact that] a similar number consider the speed of service as less than good should be of great concern."
The Watson Wyatt survey also found marked differences in the quality of service given by different providers.
"Consistent good quality client servicing is rare, although demand for it is increasing," continued Smith.
"Delivering a good level of service is something that needs significant, proactive investment and focus from providers. Clients should be demanding quality service and only those providers who can meet this demand will prosper in the long run."
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.