We mentioned in our previous post there has been widespread predictions of an impending auto enrolment capacity crunch.  Running the risk of saying we told you so……well you get the idea.

Can Providers support the huge numbers of companies approaching their staging dates

Can Providers support the huge numbers of companies approaching their staging dates?

Scottish Life today became the first Provider to finally admit that there is indeed a ‘capacity crunch’ and they will turn away any businesses that are less than 6 months away from their staging date unless they adhere to very strict conditions.  This includes clients who already have a Scottish Life pension arrangement!  We are confident that they won’t be the first Provider to set these sorts of parameters and make these announcements.

So what does this mean for Advisers?  Well it illustrates the need for the following:

  • You should be speaking to your existing clients now!  Many auto enrolment solutions can be put in place straight away but not paid for until the staging date is reached – why wait?
  • We would suggest looking at independent solutions away from Providers to avoid the worst of the fallout but also to ensure complete impartiality and allow the employer full control over compliance and data
  • Be proactive in promoting your business as a place Employers can turn to for help.  There will be many Employers who have underestimated where they needed to be in order to be compliant.  You should be out there marketing your business to help these guys and grow your business!

If you know you should be doing all the above but are scratching your head and feeling overwhelmed then please get in touch.  Our services are perfectly aligned to help Adviser businesses and take the burden of Auto Enrolment off their shoulders.  It is now becoming apparent that the Providers will not be in a position to help Advisers or offer an quality of service.