With the recent Auto Enrolment news focussing on small and micro companies, the majority of whom are staging over the next two years, attention has drifted from the larger companies but this is about to change.
Over the next 12 months, it is estimated that over 2000 mid to large sized employers will look to review their workplace savings scheme as part of what is being branded the “AE secondary market”.
Providers of workplace savings schemes will now begin to focus their efforts on winning back clients and focus on the Auto Enrolment secondary market for business growth.
With 30% of companies looking to review their schemes, this is a huge opportunity if the providers play their cards right.
Many companies will feel that they can get a better deal elsewhere or their experience with one provider may not be as positive as others from alternative providers. The number one factor in the decision making process is likely to be the fees/charges, followed by fund selections, past performance and brand reputation.
Independent Financial Advisors will continue to play a part in this process, advising corporate clients on changes within the industry and where best to place their pension schemes. With changes in business circumstances it is always a good idea to review current practices and see where improvements can be made.
If you are thinking of changing your workplace pension scheme and would like to talk to one of our Independent Financial Advisors regarding advice and information, please give us a call us on 01273 208813 or email [email protected] to Arrange a meeting.
This article was originally published on Tuesday, April 26, 2016 – 20:02
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