Auto-enrolment and ongoing advice

Not an area I ever previously been involved in.

Is there any requirement for an Employer to receive on-going advice on their AE qualifying GPP?  I cant see why.

We've had an inquiry from an employer wanting to re-broke some PMI; but they are also saying they are paying an adviser a hefty sum for advice on the company GPP.

The adviser is not giving employees access to an adviser, the Company and their accountant are managing opt-outs and re-enrolments, the Company and the provider are managing contributions / payroll.

All it seems the adviser is doing is providing what they are calling a "Annual Governance Report".  This simply appears to be an annual review of the provider, selection of a default fund and commenting on whether there is any need for TPR reporting (which I thought the provider would do).  Is any of this a regulatory requirement...?

Thanks in advance!
Jona 

Comments

  • Hi Jona, we engage ongoing work with only a small number of employers where we set up their AE scheme (and we did a lot). Those we work with are on a retainer and we do member clinics, regular review meetings, group risk etc. Very hands on with the employer and members.

    For those where we did set up just the AE scheme, we're using the 3-year re-enrolment to engage with them again. Our central due diligence on their scheme is pretty straight-forward as we used only 3 or 4 providers. That way we can review whether the scheme they're using is still right for them if THEY want to engage with us again to do that. And it's an opportunity as employee well-being is a hot topic in HR departments just now.

    I can't say that I've seen a regulatory requirement for an AE GPP ongoing advice requirement. Let's face it - most will have selected the scheme themselves.

    Susan



     
  • There is definitely no requirement for an employer to have ongoing advice; they don't need advice to set up a scheme up in the first place if they don't want it.

    Annual Governance Report sounds like fluff to me!!
  • JonaJona Member
    Thanks both.
Sign In or Register to comment.