Scottish Mutual and Scottish Equitable have the most open and understandable with-profits funds for consumers, according to the latest research from consulting actuaries AKG.
Its latest assessment marks funds out of five by measuring transparency, degree of discretion retained by the provider on bonus rates and the quality of information.
ScotMut's smoothed growth and income funds get five out of five, along with Scottish Equitable's new-generation with-profits cautious fund and growth fund.
Scottish Widows also ranked highly with its with-profits growth and income funds getting five and its with-profits fund four.
At the opposite end of the table, Windsor Life got just one mark for its with-profits sub-fund. Four insurers had a rating of two.
AKG says the analysis identifies the product providers which are taking real steps forward in terms of transparency, which it says has become a big issue due to a breakdown in trust between providers, intermediaries and consumers.
Windsor Life appointed actuary Nick Rutter says: “We did not participate in the survey and we are somewhat surprised to see that they have given us any ranking.”
Abbey National for Intermediaries product strategy team Gareth Jones says: “When developing the Scottish Mutual funds, we were determined to make both the smoothing method and the actual investments clear and easily understood.”
Scottish Equitable head of public affairs Scott White says: “Next-generation with-profits funds offer IFAs and their clients an alternative which addresses the real issues affecting today's investment market.”