We all got the countless invites to seminars offering support and assistance to educate us on how we can take advantage of the new automatic enrolment regulations.
We all got countless invites to seminars educating us on how we can take advantage of the new automatic enrolment regulations. We went to listen to providers telling us how their systems offer the full auto-enrolment package. On the face of it, this made the opportunity more desirable but the more we have learned about auto-enrolment, we can see the bells and whistles are just unnecessary.
We went to listen to providers telling us how their systems offer the full auto-enrolment package.The mass marketing carried out made a lot of promises based on assumptions. The regulations apply to every employer in the same way, yet the procedures adopted vary by provider. We were advised of six-month inflexible lead-times, minimum contributions, limited investment choices, different support packages and even additional charges applied.
The need for auto-enrolment advice is paramount, as extensive research of the market is required to ensure employers obtain a system that fits their business. It is important that each aspect of the regulations is covered and the adviser, employer and provider know exactly what they are doing to prevent falling foul of non-compliance. A plan needs to be made with the employer on how to utilise options available under the regulations to fit around their business practices.
It now appears that 12 months down the line, even the providers are realising a more streamlined approach is necessary in practice.
Michelle Chambers is technical analyst at Three Counties
