Workplace Pensions Direct has launched a new online auto enrolment procedure that aims to simplify the process for accountants, financial advisers, payroll specialists and business planners to get their clients compliant.
The online model has been designed by an expert team with long standing knowledge in the pensions industry. It offers a straightforward, efficient solution for small businesses that need to take action with regard to the new automatic enrolment employer duties but don’t want to pay unnecessary high consultancy fees in order to comply.
Steve Conley, who was formerly head of investments at HSBC and RBS and is a well-known industry commentator, was instrumental in building the product. He said,
“We estimate that around 28,000 businesses are now signed up to auto enrolment but there are still around 1.7 million businesses that still need to do so before their staging date between now and 2018.
“As deadlines approach, businesses will be looking to their accountants, payroll manager and financial advisers to help them through the complicated process.
“Rather than refer then to an alternative pensions expert we are fulfilling that role as a partner, equipping them with a simple tool where they can effectively add the service to their existing remit. We all know that client retention is secured through adding value.”
Because of software capabilities through initial expert input, Workplace Pensions Direct has been able to keep costs minimal for small businesses signing up to the scheme. Prices have been scaled according to months in advance of staging date but a small firm employing up to 10 people can expect to pay a £525 set up fee with a £19 monthly management fee.
Workplace Pensions Direct is offering a 30% fee share incentive to partners signing up to use the scheme for their clients with an additional 10% network referral opportunity.
For further media information and images please contact:
Louise French at French PR
T: 07595 276306
Workplace Pensions Direct help professional intermediary firms, such as payroll administrators, accountants and financial advisers, provide an auto enrolment service to micro employers, act on behalf of their clients and fully answer queries. According to The Pensions Regulator in August 2015:
• The vast majority (96% or more) of accountants, bookkeepers and payroll administrators plan to provide an automatic enrolment service to micro employers, while most IFAs do (78%).
• Many intermediary professionals are planning to act on behalf of their clients, as opposed to taking more passive roles of providing information or technical advice, (payroll administrators 71%, IFAs 53%, accountants 44% and bookkeepers 42%).
• 54% of payroll administrators believe they are fully able to answer queries. Financial advisers were most likely to report they could fully answer queries (63%), with fewer accountants (34%) and bookkeepers (20%) saying this.
The Institute for Chartered Accountants, England & Wales states that administering pension schemes, trusts and funds is a specialist area that requires up-to-date knowledge. This is particularly pertinent with the new employer responsibilities in relation to automatic enrolment.
It highlights a need for accountants to either have a full understanding of what is required or be in a position to recommend a course of action that is appropriate for their clients.
This press release was distributed by ResponseSource Press Release Wire on behalf of Louise French PR in the following categories: Personal Finance, Business & Finance, Education & Human Resources, for more information visit https://pressreleasewire.responsesource.com/about.