Auto Enrolment Advice – To Take or Not to Take…

In an interesting case study released by the pension regulator and highlighted in an article by Professional Pensions, The Kingfisher group (B&Q, Screwfix) have expressed concerns over the high fees that some pension companies are looking to charge. Dermot Coutier of Kingfisher group “My advice for employers out shopping for a pension for their workers is that if your existing provider hasn’t got a cost-effective solution for automatic enrolment or if you are trying to find a pension scheme for the first time, you could consider looking at new entrants to the market-place offering qualifying schemes”

We believe this highlights the need for firms to seek auto enrolment advice from Financial Advisers to ensure that they (and ultimately their employees) are getting a suitable pension scheme. We also believe that the need to plan well in advance is also required (please see our previous blog on the capacity crunch) and having a pension scheme in place well in advance of the staging date (Pension regulator recommends 6 months) will ensure that firms are able to meet their compliance needs.

These messages and the case study from B&Q, Screwfix can be used by Advisers to build powerful marketing messages to help explain that Auto Enrolment is a big issue and should be treated as such.  Many employers are underestimating the work involved in becoming compliant which is why their Advisers should be pro actively approaching them to offer support and auto enrolment advice.

We are currently putting together an Adviser workshop series that will give practical tips as to how an Adviser can incorporate and deliver these marketing messages in to their ongoing communications.  Follow us on twitter (@TAPAssistAE) for news on when the workshops will be available.