The number of employers and advisers looking to change their pension provider has increased by nearly two thirds this year, according to research by Aviva.
A insurer revealed the secondary market in workplace pensions is continuing to grow with enquiries coming from employers and advisers looking to switch scheme up 60% in the first half of this year, compared to the same time 12 months ago.
Aviva revealed the growth in interest of swapping provider comes on the back of both employers and employees are increasingly recognising the value of a well-run workplace pension scheme.
The secondary market is being fuelled by businesses looking to potentially change their workplace pension provider, following assessments of their own, to establish whether they are delivering what the business requires.
Aviva head of workplace savings and retirement Malcolm Goodwin 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."
He added: "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."
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