We're starting to think about the question of where we fit in with Auto Enrolment as Accountants and I'm really interested to hear what other firms are thinking.
Having done a bit of research, the main service that I think we would provide would be adding on to the payroll service and providing reports to the potential pension provider on employee's eligibility etc.
Potentially we could communicate with employees ourselves and get their responses for opting in or out but this sounds like it would be a huge admin burden on the payroll department.
We also need to make a decision on software upgrades which involves the usual suspects, Sage, Iris, Star etc. Does anyone have any strong feelings on which payroll software provider has the best offering for Auto Enrolment?
The good news is that our client base is mainly SMEs which means the staging dates are pretty far off for now. However, I feel we need to be able to make a decision on our service offering pretty soon so we're clear on what our message is to clients.
There's a fine line with not being FCA regulated and discussing this type of thing with clients which I think we also need to be careful about.
Finally, is it all worth it? Should we just steer clear and let the IFAs do their thing or is it our duty as our client's advisor to let them know about their obligations?
We want to seize the opportunity to do more for our clients but don't want to over-estimate the opportunity and spend too much time on it with not much impact on the bottom line.