How can IFAs increase auto enrolment profitability?
In 2015, 45,000 businesses will be reaching their staging date and of that number, 33,000 of those will be looking for help with the process. 18,000 of those will be looking for help from their accountant, 4,600 looking to their IFA and 10,400 from their payroll provider or other financial professionals. In 2016, the numbers are exponentially bigger with around 500,000 businesses reaching their staging date. As you can imagine, this presents a massive opportunity to those payroll professionals with clients staging within the next few years.
With this in mind, NEST have recently introduced an online system called NEST Connect. This web portal allows accountants, payroll auto enrolment bureaus and advisers to easily set up, manage and administer their clients’ auto enrolment needs by the provision of easily uploading and submitting pension information. These professionals can then allow access to their clients either individually or on a company wide basis which means that their clients can access their own schemes, review any processes and review contributions; amongst other permissions.
NEST is a government backed, not for profit organisation that has been set up as a pension provider available for any UK employer to use with no limit on the size or nature of the organisation. Their main philosophy is to ensure that the savers are directly in control of their own scheme and to communicate this information easily to people in terms that anyone can understand. Because of this, it is free to use with no limitations on accessibility.
NEST conducted a case study to illustrate how you can also be taking advantage of these auto enrolment figures for the next few years. Bernard Rust of the PK Group, specialises in complex financial planning and pre/post retirement planning. He explained that NEST Connect was “perfect for offering a workable solution for auto enrolment” which ultimately adds value to the service that Bernard, as an IFA, can offer to his clients because it means that his processes become more streamlined and the final offering to the client is of a higher value. In addition to this, he notes that the best feedback he received when providing the service was that the clients “didn’t feel a thing” when it came to their staging date – an ultimate compliment to a streamlined process.
When it comes to how you can make the most of the services that IRIS offers, our goal is to ensure that you gain the highest level of control over your auto enrolment process. The IRIS AE Suite™ can help you easily assess your workforce, enrol them into a qualifying pension scheme and seamlessly publish those communications to the employees. In terms of the pension output file, the AE Suite™ seamlessly creates a NEST (or other pension provider) file that can then be easily uploaded to the NEST Connect portal on behalf of your clients. Auto enrolment is a process that we all need to go through as businesses, yet the method does not have to be as difficult and complex as was once thought.
IRIS are currently supporting over 1,600 companies assessing over 400,000 employees for auto enrolment.
To find out more about NEST Connect and how it can benefit you and your clients, visit the NEST Connect website.
Call 0344 815 5700 for a free demonstration of the IRIS AE Suite™