The Pensions Trust, now called TPT Retirement Solutions, has disputed the findings and data used.
A spokesman for TPT Retirement Solutions said: "We simply don't recognise any of these numbers and believe this information is severely flawed – but we have not been given the opportunity to review the data or survey size on which it is based.
"We manage benefits for over 300,000 members and survey them via an independent third party - overall satisfaction including speed of service has recently scored over 90 per cent.
"We have very few members who purchase lifetime annuities at retirement and of course where a transfer is paid we will not know whether that individual has subsequently purchased a lifetime annuity. In the last quarter over 99 per cent of all payments were settled within 5 days of request."
Provider | Days more than Sanlam | Average Cost |
Xafinity | 62 | £597.68 |
JLT Benefit Solutions | 54 | £520.56 |
The Pensions Trust | 51 | £491.64 |
Capita | 37 | £356.68 |
Towers Watson | 31 | £298.84 |
Countrywide Assured | 24 | £231.36 |
Reliance Mutual | 23 | £221.72 |
Zurich | 20 | £192.80 |
Builder & Civil Engineering | 19 | £183.16 |
Fidelity | 17 | £163.88 |
Royal London | 16 | £154.24 |
Aegon | 16 | £154.24 |
Just | 15 | £144.60 |
Wesleyan | 13 | £125.32 |
Equitable Life | 13 | £125.32 |
Phoenix | 13 | £125.32 |
Prudential | 13 | £125.32 |
Virgin | 12 | £115.68 |
Friends Life | 12 | £115.68 |
Reassure | 11 | £106.04 |
Hargreaves Lansdown | 11 | £106.04 |
Liverpool Victoria | 11 | £106.04 |
Black Rock | 11 | £106.04 |
Aviva | 10 | £96.40 |
Legal & General | 10 | £96.40 |
Abbey Life | 9 | £86.76 |
Clerical Medical | 8 | £77.12 |
Standard Life | 7 | £67.48 |
Scottish Widows | 7 | £67.48 |
Old Mutual Wealth | 7 | £67.48 |
Sun Life Financial of Canada | 5 | £48.20 |
Canada Life | 2 | £19.28 |
Sanlam | - | £0.00 |
Venilia Batista Amorim is a freelance writer for FTAdviser
