The Pensions Regulator (TPR) has met with IFA trade bodies, nationals and networks as it seeks advisers’ help in implementing auto-enrolment.
Auto-enrolment began in October for companies with more than 120,000 employees. Firms with 50 or less employees will begin auto-enrolment from April 2015.
Jeremy Leslie-Smith, TPR industry liaison manager, said the regulator was concerned smaller employers would not have the resources or understanding to comply with auto-enrolment and would need advice.
He said TPR’s research showed IFAs were not engaged with auto-enrolment, but the body had been meeting nationals, networks, the Personal Finance Society and the Association of Independent Financial Advisers in an effort to change this. ‘We’re seeing that advisers are not engaging [on corporate advice],’ he said. ‘We’re consulting [with them] to see if advisers are going to find it profitable or if it’s going to get to a level where there is no advice to be found.’
He said TPR would begin meeting large IFAs in the first quarter of 2013, and planned to meet smaller firms later in the year.
Paradigm Pensions founder Steve Bee (pictured) said there were around one million ‘micro employers’ in the UK and that auto-enrolment was an opportunity all advisers should take advantage of. ‘If you’re an IFA and you’re not doing corporate business, you’re missing the point,’ he said.