INSIGHTS Why employers need help with their pension scheme.
BACKGROUND Following the removal of commission payments to IFA’s on pension schemes, employers have often been left to manage the schemes themselves.
MORE INFO ON The Problem
Previously IFA’s were keen to sign up new members to the scheme, manage transfers etc to maximise their commission earnings. There was little or no focus on supporting the employer.
With employers now faced with contribution increases and managing re-enrolment their need for support is ever increasing at a time when the pensions regulator is become more pro-active. Some providers offer basic support but often the employer needs advice. Some of the issues employers need help with include; We run two schemes, which one is best? How do I set up Salary sacrifice?, Have I complied with all the auto enrolment rules? I want to communicate to our staff but don’t want to appear to give them advice?
Conclusion
Any advisory firm operating in the Workplace market will be able to support the employer and help answer these questions as well as providing ongoing support with Workplace pensions and other employee benefits.
Tim Gillingham Founder & CEO
Tim spends his time either advising on employers' benefit schemes or working with trustees of occupational pension schemes helping them comply with increasing regulation and deficits. He also helps providers develop their propositions for the new workplace market and distributors take advantage of the opportunities.