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Communicating auto-enrolment is key for IFAs

Two-thirds of IFAs believe the financial services industry needs to actively promote good quality pension schemes ahead of auto-enrolment to minimise levelling down.

Aegon surveyed 100 intermediaries specialising in corporate pensions and found that 61 per cent believe that generating interest in non-core benefits such as salary sacrifice would minimise levelling down.

Fifty-three per cent say increased marketing activity, such as seminars and education in the workplace, would help.

More than half of the advisers surveyed feel that employers will require more communication both before and after auto-enrolment, while 32 per cent say employees will need to know more.

Aegon says its findings show advisers strongly believe the industry needs to educate and to encourage quality pension provision.

Head of corporate marketing Neil Davies says: “The new employer responsibilities offer a genuine opportunity to get millions more people saving for retirement.

“There is no doubt that employers will need help with these complex rules and regulations.

“Businesses should be encouraged to set up or maintain their more generous private pension schemes. We believe successful reform requires a thriving pensions market alongside the national employment savings trust.”

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The Budget 2015: a brief overview

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There is one comment at the moment, we would love to hear your opinion too.

  1. Given all the damage inflicted by Crash Gordon on the pensions regime, the question might reasonably be asked: Is there actually such a thing as a good pension scheme any more?

    If, by good, all that is meant is a scheme based on bigger contributions than those proposed for the soon to be stillborn NEST scheme, then AEGON’s push in this direction may be seen to be predominantly based on self interest. Okay, this interest is commercial and, within reasonable bounds, there’s nothing wrong with that. But, to my way of thinking, what AEGON and all the other major players in the market should be doing is not merely competing against each other trying to grab a bigger share of the current rotten pie. What they should be doing is presenting a united front to government and campaigning/lobbying for all Crash Gordon’s damaging changes and restrictions to be undone.

    And then, of course, there are the thorny old issues of the annuity trap and the lack of inheritability of unspent funds in retirement. Why is nobody talking about those any more? Those are the core reasons why people don’t want to commit money to a Personal Pension.

    Ask a hundred people in the street if they want to be short of income in retirement and none is likely to say yes, are they? Then ask them whether or not they’re doing enough to prevent that happening to them. Probably two thirds will either say no or that they don’t know. Then ask them why and see what they say. As likely as not, the asnswer will be either lack of disposable funds or lack of confidence in pension schemes. So the answer isn’t going to be a NEST scheme or something similar but with bigger contributions, is it?

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