Employers don’t know enough about pensions auto-enrolment, say accountants

95 per cent of those asked in the survey by NOW Pensions said that more needed to be done to educate employers, of which three quarters said this should fall partly to the government, and the same amount said it should be partly the responsibility of the Pensions Regulator. 

Petra Griffiths, IFA at PSG Financial Solutions based in Peacehaven, East Sussex said: “Picking the right pension scheme is a big responsibility for employers and the decision they make will have far reaching consequences for their employees. Improving employers’ understanding of the consequences of their decisions is imperative otherwise the long term benefits of auto enrolment could be undermined.”

Morten Nilsson CEO of NOW: Pensions said: “Many employers will be approaching auto enrolment with trepidation. The advisory community has an essential role to play, guiding employers through the process and helping to ensure that the schemes they select for their employees are fit for purpose.”

“Providers, government and the regulator also need to work together to ensure that only high quality schemes with low charges are permitted into the auto enrolment marketplace. Employers would then be on a firmer footing to tackle auto enrolment with greater confidence.”

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