Around three-quarters of employers are likely to seek external advice such as employee benefit consultants or financial advisers ahead of finalising their auto-enrolment proposition, according to research published by The Pensions Regulator.
According to a survey of 767 employers in the private, public and charitable sectors, more than 75 per cent of employers of all sizes either had sought already or plan to seek external advice.
Some 76 per cent of larger employers with 250 or more staff planned to consult and external intermediary, while 79 per cent and 78 per cent respectively of medium (50-249 staff) and smaller (5-49 staff) employers said they would do so.
Slightly fewer micro employers employing less than 5 staff said they planned to take advice, with 68 per cent saying they would consult externally.
The research showed that large and medium-sized employers are more likely to use financial advisers or employee benefit consultants, while small and micro employers said they were more likely to use the services of an accountant.
Separate research published yesterday (6 March) also showed that communication with clients is on the rise, with 92 per cent of 133 financial advisers questioned out of a total sample of 700 intermediaries saying they had either approached corporate clients or been approached about auto-enrolment.
In addition, 59 per cent of financial advisers said auto-enolment would provide a boost for their business.
More financial advisers reported to being aware of and understanding auto-enrolment rules and staging dates, but there were areas where knowledge of the reforms among advisers lagged other intermediaries.
For example, 53 per cent of financial advisers correctly identified the types of workers that needed to be assessed compared to 75 per cent of pension consultants, while only 45 per cent of advisers correctly identified the earnings that must be taken into account compared to 66 per cent of pensions consultants.
