Auto-enrolment looks set to have a massive impact on people working in the pensions industry, with 50 per cent of respondents to the Pensions Management Institute’s PMI Career Development Survey 2010 expecting it to directly affect their roles.
Auto-enrolment is expected to boost opportunities for consultants because of an increase in demand for providing advice, education and in reviewing client schemes, thereby increasing business volume. But those managing employer schemes are expecting the changes to translate into pressure of increased workloads as scheme membership and turnover increase.
Others will be more involved in strategy review, planning and implementation of the changes.
Those in lower-middle and middle management – pensions managers, junior and senior consultants, senior pensions administrators and technical consultants – are also more likely than average to be affected, as they will need to implement the changes.
In the DC space the Retail Distribution Review will see 70 per cent of those affected take the relevant qualifications to help them adapt to the changes.
Vince Linnane, chief executive of the PMI says: “Continued change appears to be the watchword for defined contribution pensions over the next few years, not least in the area of auto-enrolment. A large proportion of respondents to our survey expect to be directly affected in their work because of the forthcoming reforms, and it’s important that firms and individuals prepare accordingly.
“The Retail Distribution Review is also looming and it is encouraging that in anticipation of this, respondents to our survey are looking to proactively prepare themselves ahead of schedule.”