The Pensions Regulator's (TPR's) position that advice is not essential when setting up auto-enrolment pensions leaves employees at risk of being enrolled into inappropriate schemes and the policy being seen as just another "mandatory tax", the Beaufort Group has warned.
Head of corporate consulting Robert Macgregor said in a recent meeting with TPR the organisation's industry liaison manager and marketing director had made it clear auto-enrolment should not require the help of an adviser. Macgregor said that he disagreed with the regulator on this issue "I just don't think the regulator is right here. In my view, relying on the ‘automatic' element on the scheme could mean that members only receive a base level solution that could fail important governance standards in several ways. "If the process is entirely automatic [and non-advised] how would ...
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