It’s been 6 years since the introduction of automatic enrolment and in April there will be a second rise in the minimum contribution employers will be required to provide. As a result, companies and advisers are reconsidering their providers and as time has passed and experience grown, the cracks are beginning to show, and other avenues are being sought.
Aviva experienced an 80% rise in calls in 2018 requesting more or better auto enrolment support, the majority of which were from advisers.
Malcolm Goodwin, head of workplace savings and retirement at Aviva, said:
“SMEs and their advisers are now starting to understand that when it comes to their auto-enrolment provider, they do have the freedom to switch they are starting to look at what is being delivered by the scheme they originally signed up to.”
In the beginning there was a sense of panic and the application of AE was fraught with confusion and uncertainty, only natural when we experience change but with understanding comes the ability to ask questions and seek better solutions.
Here at OptEnrol we are seeing a rise in enquiries as some advisers are no longer convinced that client requirements are being met. Rather than just rely on them to do this themselves, they realise that they could be offering more support and service providers such as OptEnrol could be the answer to the problem.
Great for us! We offer all of this as well as the peace of mind when using our complete auto enrolment service, where advisers can see their clients’ activity all in one place.
Those involved with providing AE assistance and companies who need to ensure they have everything in place now have the option and confidence to shop around and as they say, “knowledge is power”.
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