More than three quarters (81%) of corporate advisers say that the cost and administration of auto-enrolment are among employers’ top worries when it comes to the Government’s landmark pension reform, ICM’s research for Aviva shows.
• 57% are providing additional support to clients who don’t fully understand the pension reform regulations.
• 72% report their clients are less than 25% prepared for the pension changes.
• But two thirds of advisers (67%) say that employee opt-out rates will be less than 30%.
The research also shows that corporate advisers remain focused on helping their clients understand the new regulations, creating check-lists of what actions they need to take, and liaising with pension providers.
Aviva’s Managing Director of Corporate Benefits, Graham Boffey, said:
“We’re recommending employers put aside at least 18 months for their preparations….Employers and their advisers also need to focus on ensuring they have a robust and efficient compliance process in place to keep track of on-going employee changes and updates.”
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