Intermediaries prepared to help with pensions auto-enrolment

The vast majority (96%) of payroll administrators and 95% of accountants surveyed anticipate helping employers with their auto-enrolment duties, according to research by The Pensions Regulator (TPR).

Its research, Intermediaries’ awareness, understanding and activity relating to workplace pension reforms, which surveyed 580 intermediaries, found that 62% of accountants and 38% of bookkeepers surveyed had already had some form of interaction with their employer clients about auto-enrolment.

It also found that levels of understanding were lowest among bookkeepers (48%) and accountants (60%), while these were slightly higher among trustees (67%) and payroll administrators (77%).

More than two-thirds of independent financial advisors (69%) and 91% of pensions consultants were already helping their employer clients prepare for auto-enrolment.

Charles Counsell (pictured), executive director of automatic-enrolment at The Pensions Regulator, said: “Many advisers have risen to the challenge, as well as the opportunity, presented by the roll-out of automatic-enrolment and are keen to assist their [employer] clients.

“The Pensions Regulator has a key role to play in supporting these intermediaries by providing the detailed information they need to help their [employer] clients prepare for automatic-enrolment.

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“There are still gaps in knowledge. We will be highlighting our role over the coming months to advisers ensuring they are aware of the information and help that is available to them.

“We also need to ensure advisers and employers know that [TPR} is not just a source of information, but also the body that all employers need to submit their automatic-enrolment details to in order to be compliant.”