Intermediaries' awareness, understanding and activity in relation to automatic enrolment
20 March 2014
The Pensions Regulator (TPR) has published their report on intermediary awareness, understanding and activity in relation to automatic enrolment.
Key findings from the employer research shows:
- 82% of small employers are aware of the changes, 47% still don’t know when they will need to act
- One in four micro employers know their staging date, compared with half of small employers and four out of five mediums
- The vast majority of intermediaries are aware of automatic enrolment
- Most intermediaries understand the automatic enrolment duties and have higher levels of detailed knowledge than in spring 2013. A significant number of payroll administrators and accountants are more aware and knowledgeable than a year ago, although some gaps in knowledge still remain
- While most IFAs, accountants and payroll administrators are planning to, or are already helping their clients, bookkeepers and HR professionals are less involved
- Awareness of The Pensions Regulator is high among most adviser groups although again, bookkeepers and HR professionals are less aware
- Almost all accountants plan to be involved with automatic enrolment and also think their clients will rely on them for help and advice, a third however only expect to make their clients aware.
Six different intermediary types were included in the survey. Interviews were conducted with those groups providing or planning to provide advice to external organisations about the automatic enrolment process, namely Independent Financial Advisors (IFAs), Human Resources (HR) professionals, payroll administrators, accountants and bookkeepers. Pension scheme trustees were also included.
The report summarises the results from the survey conducted in Autumn 2013, highlighting differences by intermediary type, and referring to the previous survey waves where comparisons are relevant. The report also makes occasional reference to the regulator’s Autumn 2013 report ‘Employers’ awareness, understanding and activity relating to workplace pension reforms’.
The report groups the different audiences into three different intermediary types, as follows. The report provides the research findings for each of these in separate sections.
- financial advisers: Independent Financial Advisers (IFAs), who generally deal with small and medium employers, with between five and 249 employees;
- business advisers, who generally provide employers with a range of business services, including automatic enrolment (payroll administrators and HR professionals who generally deal with all sizes of employers and accountants and bookkeepers, who provide services mainly to micro/small employers);
- pensions trustees, who are generally dealing with medium/larger employers, ie, those with 50 or more employees.
Follow the link below to read the full report.