Adviser Guides 1hr
Guide to Auto-Enrolment
According to government figures, there are almost 800,000 UK employers not currently providing a workplace pension scheme. Further research has found 92 per cent of employers will look to intermediaries for some level of support in complying with their new duties - meaning auto-enrolment offers IFAs a huge potential opportunity.
If it’s not an area of expertise already, advisers ought to brush up on the new legislation before getting involved. This is an area of no little complexity, so a strong understanding of the new rules is crucial.
FTAdviser’s Guide to Automatic Enrolment covers off the basics of the new arrangement, as well as suggesting useful roles advisers can play and how to win profitable business from companies.
Answers were provided by Paul Goodwin, corporate benefits director at Aviva; Allan Maxwell, managing director of Corporate Benefits Consulting; and David Triggs, senior consultant at IFG.
IN THIS GUIDE
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Q: What is auto-enrolment?
Roughly 800,000 companies are going to implement new auto-enrolling pension schemes and many are going to need advice.
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Q: What are staged introduction dates?
Auto-enrolment is being phased in over a five-year period, with the largest schemes going first starting from 1 October 2012.
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Q: What role will there be for financial advisers?
There will be a strong demand for expert advice, particularly as employers will want help interpreting the new regulations.
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Q: How can I win profitable corporate business?
Some employers will want value for money, but many will be looking for a wider package of benefits than a pension scheme alone.
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Q: What advice can I give employers?
Some employers will need advice on changes they may have to make to their existing scheme, some on setting up a completely new scheme.
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Q: What I can advise employees?
There are two main areas on which advisers can likely add value to corporate clients: contribution level and investment choice.
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Q: What is Nest and would I recommend it?
Nest is a workplace pension scheme set up by the government that will be one of the options available to employers.
