2 minutes
Accountants, you can recommend a workplace pension to your clients
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.
The Truth: You Can Advise Your Clients on Their Workplace Scheme
According to The Pensions Regulator, you can provide advice to employers choosing a pension scheme by:
- providing factual information
- helping them to compare schemes
- making a recommendation
See for yourself! You’re free to do this without stepping into FCA-regulated territory:
What You Can’t Do: Provide Advice to Individuals
Great news, right?! But there are restrictions to be aware of. You can’t:
- Provide this advice to individuals – that’s FCA regulated
- Choose an employer’s scheme on their behalf without appropriate permission
See the relevant information highlighted below:
What Support Can You Provide Your Clients?
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:
- Provide a comparison of the scheme’s investment funds, charges and services
- Recommend a specific pension scheme for auto enrolment
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:
- Handy competitor comparisons
- Webinars and in-person events
- 1-1 sessions and FAQs
- Five-minute guides and helpful brochures
- Email templates
Strengthen Your Relationships with Penfold
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.