As a result of Automatic Enrolment, millions of people now have a workplace pension. Find out how this affects your clients.
Whether you’re an accountant, bookkeeper, payroll professional or financial adviser, a change in the law means that your clients may ask you about workplace pensions.
Over the coming year, an estimated 674,000 employers will need to enrol or re-enrol their staff and 5 out of 10 say they will ask a business adviser for help (Spring 2016 Employers Survey Summary Report, published June 2016). Clients may also ask for support with implementing contribution increases that first take effect in April 2018.
The role you play will depend on the type of adviser you are. Your client may expect you to help them by simply providing advice or offering a full Automatic Enrolment service.
The Pensions Regulator is a public body set up by the UK Government to regulate work-based pensions, and will be communicating with all employers to let them know when their legal duties start. The Pensions Regulator has produced an online guide for business advisers that has a wealth of information tailored to help you, help your clients. This takes you through the tasks which must be completed by your client to comply with Automatic Enrolment.
You can sign up to receive a dedicated adviser e-newsletter, with news, guidance and further help from The Pensions Regulator to prevent you from missing out on any vital information.
Don’t ignore the Workplace Pension