CompaniesApr 15 2014

deVere launches new unit in workplace pensions push

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The head of East Midlands for deVere UK said that this new department will aim to provide whole-of-market advice to current and former employees of larger corporations on their workplace pension schemes.

Mr Hopkinson said: “This division has been established because there has been a tidal shift in traditional retirement planning methods in the UK, which requires a fresh approach.

“The increasing demand for this department’s services is largely due to the unprecedented changes taking place with workplace pensions, driven by the demise of the ‘gold plated’ final salary pensions and the move to more flexible working patterns, as well as the long-term upward trend in mortality.”

He said that the “hot topics” that will dominate the teams’ Workplace Solutions conversations with current and former employees would be regarding existing final salary benefits when given options to alter them, and how best to approach retirement in light of the changing landscape of more flexible retirement options.

Mr Hopkinson added: “For example, some employers will offer Pension Income Exchange where members decide on exchanging annual increases for a larger initial income. This might sound a good deal, but there are many things to take into account.

“Once we consider inflation and life expectancy, for example, it might not be the best solution. What is an absolute must though is access for the member to good independent advice – that can be trusted.”

This comes as the deVere Group is set to move into North America, the Middle East and the Gulf States as it expands its reach globally.