01 October 2013
Back to news homeAutomatic enrolment offers a potentially significant business opportunity to intermediaries, according to research by NEST. Research carried out by NEST amongst employers suggests the vast majority of employers approaching automatic enrolment will be looking for advice and support.
Over 90 per cent of employers say they would be seeking advice on the choice of pension provider.
Having chosen a provider, over 74 per cent of employers indicated they had sought, or would be seeking support in complying with the regulations.
John Taylor, managing director for customer and proposition at NEST, said: ‘We have designed NEST for employers to use in the way that best suits them. They can set up and run the scheme by themselves or, as this research shows many prefer to do, run their scheme in conjunction with an adviser. This suggests there is a potentially significant opportunity for advisers and intermediaries.
‘NEST’s delegated access function can help advisers offer on-going administrative support to their clients, as employers can use this to hand the reins of administering automatic enrolment to a third party.
'We’ve seen huge demand for our webinars on this and are already working with a number of advisers and intermediaries who want to offer a range of services to their clients.
‘Advisers are telling us that they want to find out more about how to use NEST, because NEST has been designed specifically for automatic enrolment, and with our public service obligation advisers can be confident that if an employer wants to use NEST we will say yes. Many advisers expect to set up a NEST ‘pension administration hub’ to help multiple clients – we are already seeing advisers advertising this service to their clients.’
NEST will also be holding webinars on delegated access for intermediaries later in October. For more information on the webinars and to register visit www.nestpensions.org.uk/events