What are the four key challenges for the pension industry in 2014? [NEST LIVE Panel Discussion]
Earlier this month over 400 IFA, Bureaus and Accountants attended NEST Live, an opportunity to learn more about auto enrolment and how best to capitalise on the opportunities it provides. It was great to see so many businesses that recommend or use IRIS payroll software.
There was so much to take away from the event but for me it was the Panel Debate in the Bureau and Accountants afternoon session which best summarised the industry challenges for 2014. This is a summary of what the panel identified as their key challenges.
1) Volume of employer schemes
Roy Porter, director of market engagement, NEST
NEST have a public service responsibility to accept any employer on to their scheme and they have to offer everyone the same proposition. Roy went on to say that NEST have put systems in place to ensure that their scheme is scalable.
2) Quality of automatic enrolment schemes
Francois Barker, head of pensions, Eversheds
NEST is a quality scheme but not every scheme is the same and some may not survive. It is expected as more small businesses stage it will become less commercially viable for pension providers. They may choose to leave or charge high fees for businesses joining their scheme.
3) Reaching the small employer
Neil Esslemont, head of industry liaison and large employer communications, The Pension Regulator
Creating awareness of the legislation and the need to prepare early is key for TPR. They don’t want to fine employers for not complying they would rather work with them to ensure they are educated and are able to comply.
4) Pension market place working closer together
Andy Agathangelou, head of pensions CIPP
Currently each pension scheme offered by pension providers is different. By working closer together the industry would be able to identify synergies and remove some of the complexities.
IRIS have already helped over 1,000 businesses to stage and run a referral programme specifically for IFAs. For accountants and bureaus the IRIS AE Suite will provide you a way to offer a simple solution and generate additional revenue.