Surge in demand for Auto-enrolment advice predicted

Financial advisers and intermediaries could see a surge in demand for help with auto enrolment in the next year, as research found three quarters of small and micro employers looking for support. The National Employment Savings Trust carried out a study, which found 74 per cent of these smaller businesses would look to intermediaries' expertise.Around 45,000 small and micro employers will need to comply with auto enrolment duties in 2015, and over 1 million in 2016 and 2017.Of those seeking help, a majority (59 per cent) indicated they would turn to an accountant, rising to 70 per cent for employers with one to four workers.{desktop}{/desktop}{mobile}{/mobile}The NEST insight 2015 report, published today, revealed that accountants were less prepared for auto enrolment than other intermediaries.It found:• Just two thirds (67 per cent) of accountants claimed to know a lot or a fair amount about auto enrolment, compared to 90 per cent of IFAs and 92 per cent payroll bureaux.• Almost all payroll bureaux (96 per cent) and IFAs (88 per cent) compared to 67 per cent of accountants have considered what impact auto enrolment will have on their business.• Two thirds of IFAs and a majority of payroll bureaux have started to support employers with auto enrolment but the accountancy community are less likely to be offering support to employers, with only 40 per cent of accountants having helped employers so far.The auto enrolment market has so far focused on large employers that typically wouldn't turn to an accountant for pension advice and support.Tim Jones, chief executive of NEST Corporation, said: "Until now, auto enrolment has just not added up for accountants – the duties so far have only fallen on large employers that typically may not have turned to accountants for pension advice."2015 is the year that all changes. Thousands of small and micro employers will enrol their workers in a pension scheme and our research shows that many will look to accountants for help. Our experience with employers so far tells us that the role of intermediaries is critical.'This is shaping up to be a very busy few years for the sector. Anyone who has done the sums will know that this is a fantastic business opportunity that accountants will not want to miss."

Surge in demand for Auto-enrolment advice predicted

Related items

News from Twitter