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AE offers Tenet a pensions boost in 2013: Turner

The group distribution and development director for the advisory network said that, despite the uncertainties in 2012 and 2013 over the RDR, there had been many “positive increases” in key business areas for advisers.

She said: “Although the industry was uncertain about the consequences of the RDR, our business figures for 2013 show many positive increases in key business areas.

“Auto-enrolment has obviously been central to the growth in group pensions and following a sustained campaign to help advisers combat unawareness and unpreparedness among employers, the figures are telling a positive story.”

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Figures from Tenet showed that AE had helped contribute to a 55 per cent increase in Tenet group pensions cases in 2013 compared to 2012, with annual premium equivalent (APE) increasing by 40 per cent.

Ms Turner said it was pleasing to see positive evidence of more companies engaging to meet pensions reform legislation and believes that the slightly smaller increase in APE is indicative of advisers engaging with SMEs to try and meet regulatory requirements before their staging date.

This has been actively supported by the Tenet Employee Benefit Solutions (TEBS) proposition, which is aimed specifically at the SME market and helps advisers, irrespective of their level of experience, to administer and develop a corporate proposition.

Key figures

* APE for individual pensions rose by 10 per cent

* Self-invested personal pension & drawdown cases are also up by 17 per cent

* There has been a 25 per cent increase in investment cases

* A 36 per cent increase in total APE in 2013, compared to 2012

Adviser view

TenetConnect member, Andy Hiatt, founder of Staffordshire-based Hiatt Financial, said: “We will continue to build on our strong relationship with TEBS in 2013 as auto-enrolment begins to hot up.

“The quality service and thorough technical knowledge given by Tenet gives us all the confidence we need to manage, introduce and project our clients’ auto-enrolment needs with TEBS up to the staging date and crucially into a profitable business as usual, fee-based, working agreement.”