2 minutes
And it’s a great way to strengthen your relationships
It’s a widespread misconception that helping your clients reassess their workplace pension scheme – or even recommending a specific provider – constitutes financial advice. But that's not the case!
Advising employers on workplace pension scheme selection is not regulated advice. Don’t believe us? We’ve broken down the advice from The Pension Regulator. Find out what it means for you.
According to The Pensions Regulator, you can provide advice to employers choosing a pension scheme by:
See for yourself! You’re free to do this without stepping into FCA-regulated territory:
Great news, right?! But there are restrictions to be aware of. You can’t:
See the relevant information highlighted below:
Many companies – potentially including your clients – are dissatisfied with their current auto-enrolment scheme but don't know where to start when selecting a new one.
It’s also good practice to review their workplace scheme regularly to make sure it’s still fit for purpose. And hiring a dedicated consultant to help with this can end up being very costly.
By stepping in with simple, clear guidance, you can provide a highly valued service that strengthens your client relationships. For starters, The Pension Regulator specifies some ways you can help your clients:
But there are so many ways to go above and beyond. At Penfold, we support many firms with the resources and materials they need to make these conversations easier, including:
Use our handy resources to guide your clients through their auto-enrolment obligations, helping them make informed decisions about their pension schemes that will benefit them and their employees.