TPR spells out IFAs’ auto-enrolment role

More than 6,000 independent financial advisers are being contacted by The Pensions Regulator advising them of their role in workplace pensions reform.

The mailshot is part of a mailshot of around 100,000 letters to IFAs, accountants and HR professionals this month. The regulatoris keen to raise awareness among IFAs it sees as crucial to the success of workplace pensions reform.

TPR research has found two-thirds of employers intend to take specialist external auto-enrolment advice, with the majority opting to approach accountants or IFAs.  40 per cent of IFAs recently contacted by the regulator have already undertaken activities relating to auto enrolment on behalf of these employers, although more than a quarter of IFAs surveyed have yet to decide whether to provide advice to employers.

The regulator will write to every employer at least twice as their staging date approaches, and has created educational materials available on its website for anyone interested in automatic enrolment.

The regulator has also produced a 7-step guide that IFAs can use to assist their clients:

Charles Counsell, executive director for employer compliance, says:“In the next four weeks, we expect to send around 100,000 letters and over 30,000 targeted emails to IFAs, accountants and HR professionals.  These will act as a reminder of the new employer duties and the crucial role that these advisers will play as employer clients approach their staging dates.

“So far, we’ve issued over 200,000 letters and emails to advisers, industry bodies and individual employers, and we’ll keep utilising direct communications where we feel the need is greatest.  This is about making compliance as easy as possible for employers, and the first part of that is making sure that they understand their duties and are able to get help from those around them.”

TPR’s 7-sep IFA guide for employers

Know your staging date – when to act

Assess your workforce

Review your pension arrangements

Communicate the changes to all your workers

Automatically enrol your ’eligible jobholders’

Register with The Pensions Regulator and keep records

  Contribute to your workers’ pensions