NAPF conference: Advice on pensions is key to 2012

Companies who provide financial advice to employers will outshine their competitors after auto-enrolment into pensions schemes is introduced in 2012.

Andrew Dickinson, senior business development manager at Standard Life told delegates at the National Association of Pension Funds’ (NAPF) conference in Glasgow that auto-enrolment was an opportunity.

He said: “Auto-enrolment works and frees up communication resources. Advice is a differentiator – employees want advice.”

Delegates heard that the changes to be introduced after 2012 would not lead to the ‘leveling down’ of pensions schemes if employers worked on improving pensions communication and advice. 

Dickinson referred to pensions trends in Australia where there is a compulsory savings plan. Half of the $80 billion paid into the country’s retirement funds is done so voluntarily.