At the Money Marketing Retirement Planning Summit in Monte Carlo this week, he said after the 2012 deadline, employees will have to be enrolled in qualifying workplace pension schemes, personal accounts or quality qualifying workplace pension schemes, leading them to seek advice over the enrolment and management of staff pensions.
Bee said that employers will have their work cut out as employees will have to be enrolled into a QWPS the day the scheme qualifies or a QQWPS within a 90-day window. He says it will be arduous for small business owners to continually monitor employee entitlements and many will not have the resources or technical skills to cope.
He said: “I can see markets developing for advisers to go in and sort this out for small firms. I see no reason why advisers can’t dominate the pension space after 2012. They should be saying to employers, you don’t want to deal with that, we’ll do it for you.”
Personal Finance Society president Paul Lothian says “Where there is a gap between what people know and what they need to know, the clever advisers will identify a business opportunity. There is a space for many advisers to shift from product sales to a quasi-administration role.”