We are currently running some research into this. BUT did you know we have been supporting various charities since our inception 3 years ago. 6 different organisations are using our Pensions Guidance service now that Auto-Enrolment & the RDR have kicked in. Its a charge free service. This is a wee guide into WHY we are doing this. The UK government has recently introduced new legislation to reform workplace pensions. In short, all employers in the UK are legally bound to put in place a workplace pension plan for the benefit of their employees. This is true for all small to large companies with no exceptions. This process is called AUTO-ENROLMENT and began on the 1st of October 2012. Enrolling companies will be staggered with the largest companies first and the smallest last. It is anticipated that the process will take around 4 years finishing on October 2016. The FCA recommend employers start planning at least 18 months before their staging date as this is the cut off point and a financial penalty is applied after the date IF there is a problem or IF you have not got an adequate plan in place. To coincide with pension reform is a huge change in the financial service sector. On the 1st of January 2013, pension advisors (commonly referred to as financial advisors) will no longer be paid for the pension advice & case work they provide by the pension provider but will instead be paid by the client. What this means, in layman’s terms, is that all pension advisors will charge their clients a fee from 1st January 2013, instead of the advisor being paid a commission from the product provider. The actual process began some time ago with a review called the Retail Distribution Review (RDR). The typical charge by a regulated pension advisor is around £250 per hour. This fee reflects the huge costs that pension advisors pay the FCA (The Financial Conduct Authority) & other organisations to carry out regulated business.
Posted on: Wed, 11 Sep 2013 08:44:08 +0000