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Three-quarters of small firms want auto-enrolment support

Three-quarters of small firms want auto-enrolment support from intermediaries such as IFAs, accountants or payroll providers, Nest research shows.

Auto-enrolment is being rolled out to 45,000 small firms next year but Nest research suggests fewer than one in four of these companies are confident about dealing with pension issues.

The study also shows 74 per cent of small and micro employers do not currently offer a pension to their workers.

Firms are expecting support from the outset with six in 10 expecting help with administration on an ongoing basis.

Nest chief executive Tim Jones says: “This research clearly shows that 2015 employers want help. With 74 per cent of small and micro employers wanting support, around 33,000 employers are going to be keeping the intermediary community very busy in 2015.”

Nest is also launching a new client management system for advisers to manage their business.

Nest Connect enables intermediaries to build a direct relationship with the scheme without needing to be introduced by an employer.

The hub allows adviser firms to see all their clients on a personalised dashboard.

Jones says: “Nest Connect was specifically developed to help intermediaries support employers. Nest Connect users tell us that it enables them to build a flexible and effective proposition. 

“They say that’s what auto-enrolment needs – solutions and products that make the process easier, especially as the volume of employers ramps up.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. This is just babble speak for the real point – Micro firms indeed want advice and support – how to opt out and make it all go away.

  2. They are going to need it but who’s going to provide it? AE is so unecessarily complicated that particularly small employers are going to really struggle.

  3. One aspect for small emplyers is that the cost of assitance to implement a scheme, could exceed the contributions they have to make – at least for some time……..

  4. Steer clear of this minefield of unprofitable and highly risky area. Who do you think the employers are going to blame if they “get it wrong”??? Yip.

    They may well want advice and support but the smaller firms are very unlikely to pay what we deserve to get paid for doing the job correctly.

  5. More costs then.

  6. @ Marty

    But just think of what firms will be prepared to pay if you show them a robust way of avoiding the hoop-la.

    This way you are saving them money and can be seen to be cost effective.

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