IFAs should find considerable business opportunities in the details of the Pensions Bill relevant to responsibilities of employers to provide information on and access to occupational pensions.
Under the section on financial planning, the Bill proposes employers be responsible for ensuring employees get proper advice on pensions.
"Regulations may require employers to take action for the purpose of enabling employees to obtain information and advice about pensions and savings for retirement," the Bill says in point 195 (1).
The requirements also call for "different provision for different descriptions of employers and employees," suggesting financial advisers will be needed to help employers find the most suitable pensions provision for their employees.
In addition to the burden on employers, the Bill calls for trustees or managers or occupational or personal pension schemes to provide combined pension forecasts.
Thus it will be the responsibility of trustees or managers to obtain data on state pensions benefits as well as scheme benefits on behalf of their members.IFAonline
First mentioned in Cridland Report
Second acquisition of 2019
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