Majority of UK employers will seek guidance on pension reforms

Some 90% of UK employers intend to seek out external advice for a better understanding of the impact of the government’s workplace pension reforms due to come into effect in 2012, 

According to research by the Personal Accounts Delivery Authority (Pada), 67% per cent of small firms will look to accountants for guidance, while 56% of medium-sized firms and 54% of large firms will seek out financial advisors. 

Employers with more than 10,000 employees are most likely to seek guidance from employee benefits consultants

Roy Porter, head of intermediary distribution at Pada, said: “For many small firms, the introduction of automatic enrolment will be the first time they need to provide an employee pension and make contributions. Ensuring they have access to the correct information will be crucial in helping them comply with the reforms.

“Over the next year, my team will be working with intermediaries around the country to provide information on the national employment savings trust (Nest) ahead of the scheme’s launch. We aim to raise awareness around how Nest can complement employers’ existing workplace pension provision and help them comply at low cost.”

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