The auto enrolment ‘tsunami’ is about to hit IFA beach and unfortunately many advisers still think it’s an opportunity to sell lots of pensions to people, according to Steve Brice, business development manager at Lansdown Place.
The auto enrolment solutions expert told AccountingWEB that out of the 1.3 million businesses which have staging dates they can’t change, around 750,000 have no current pension provision, but will need to have one in place soon. In terms of number of employees, out of the 23 million workers in the private sector 10 million have nothing whatsoever.
He illustrated the size of the gap by picking one of the big pension providers, such as Aviva, which currently has around 10,000 schemes and intends to double that amount by the end of the four-year auto enrolment period.
“But even if you combine all the big pension providers...