The Defaqto Star Rating instantly communicates visually, the quality of a company's product or service proposition, whilst also relaying a strong, signal of trust and confidence. It gives employers assurance as well as a better understanding of what they are buying and why that product might be the best product for their company or clients. This is particularly helpful with products and services that an employer might not be particularly familiar with, such as auto enrolment workplace pensions.
Looking for an auto enrolment pension provider is not quite the same as shopping around for a stationary supplier or a venue for the next conference or staff party. Whilst smaller, perhaps one-off, non-contractual purchases are often compared on price, and where price is often one of the primary factors (if not the primary) when it comes to decision making (see the Smart Pension fees and charges comparison table comparing Smart Pension with some of the other big auto enrolment workplace pension providers in the marketplace such as Nest and Now: Pensions).
Financial products and services, especially if it involves long term contracts or on-going costs, often warrants a need for a much deeper understanding of not only the main features and benefits that will satisfy (or not) an employer's needs and/or any legal requirements in order for compliance, but the often more intricate (sometimes hidden) details and clauses that may be a cause for concern, especially if it has the potential to materialise as a nuisance, big or small, such as being tied into long-term contracts, on-going fees, penalties etc.
We understand why price is so often used as a point of comparison and why it's the reason why one product or service is chosen over another, and that's mainly due to convenience, be it of ease, accessibility or time efficiencies. It's much more difficult to compare products based on their features and benefits as it's not so easily quantifiable. That's where the Defaqto Star Ratings comes into play. Employer's can instantly see where a product or service proposition ranks in terms of it's competitors (see the Defaqto Star Ratings page for Auto Enrolment Trust Based Schemes ) and the rest of the market, which can be a very crowded and saturated place, or in the case of auto enrolment, a relatively new yet fast growing one, based on the adequacy of the proposition's key features and benefits. It also enables employers to be able to better sell the product to their employees, who may have even less of an understanding and knowledge of the product in question and will want to be assured that their employers have their best interests in mind.
Employers who choose to auto enrol their business with Smart Pension can have the confidence of a 5 Star Defaqto backing of excellence (see announcement of Defaqto 5 Star Rating award), knowing that the proposition provides a comprehensive range of features and benefits, whilst also meeting the additional minimum criteria in certain areas.