The National Employment Savings Trust (NEST) has launched an online service that IFAs can use to manage employers’ schemes, anticipating rise in demand from businesses over auto-enrolment advice.
The new tool has a template that allows advisers to control their clients’ pension scheme, said Graham Vidler, director of communications and engagement for NEST, and added the tool allows enrolment of workers and allows setting different contribution levels for employees, depending on employer requests.
“We understand that while employers do not have to seek advice when it comes to responding to pension reform, our research suggests many are likely to look to their IFAs as well as employee benefits consultants or accountants and solicitors for guidance and help,” said Mr. Vidler.
“The way Nest’s online administration has been set up means an employer can give an IFA access to their account and allow the adviser to administer the account on their behalf. Advisers and others acting on behalf of employers will also have access to their own secure part of our transactional website,” he added.
The system, yet to go live, has already been client-tested to sort-out technical glitches and was developed in collaboration with a group of IFAs.
“Our website has been developed with ongoing testing and feedback from employers, potential future members and advisers. Their feedback has been vital in helping to build a website that’s easy to understand and simple to use,” said Mr. Vidler.
The system will come in handy for many IFAs who are expecting a rise in business as the auto-enrolment date approaches, said Jaskarn Pawar of Investor Profile.
“Even smaller employers, whose phasing date is some way off yet are already looking for advice on Nest to be compliant with the new requirements. Businesses need to budget well in advance of implementing the new scheme. I have been approached myself to help a relatively small employer set this up,” he said.