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Topics: pension reform| Pada
Nine out of ten UK companies intend to seek professional advice on the impact of pension reform, according to the Personal Accounts Delivery Authority (PADA).
PADA, which is tasked with setting up the National Employment Savings Trust (NEST), says it latest research shows advisers will play a pivotal role in successful implementation of the reforms.
While the bulk of smaller firms say they will seek advice from their accountant, more than half of medium and large-sized firms expect to seek help from a financial adviser.
PADA spoke to more than 3,000 UK firms, employing between two and 10,000 employees.
Roy Porter, head of intermediary distribution at NEST, says: "As our research shows, accountants and other intermediaries will have an extremely important role to play in helping their clients. They also have a part in dispelling some of the myths around the reforms."
NEST says it will work with intermediaries over the next year to provide them with information on how to prepare for the scheme's launch in 2011.
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feathering the NEST?
I look forward to NEST contacting us to tell us what is good about the offering from them. I also look forward to hearing from alternative providers so that we may advise the target market in the normal way-examining the pros and cons of the NEST scheme against the alternatives. I understand that the FSA has slotted in a proposal in their latest RDR publication which will outlaw initial commssion on alternatives to NEST but I don't think that will deter the development of alternatives to NEST from the private sector. I am encouraged that employers will be seeking advice. I expect that we will, by the time NEST is ready to launch have a more attractive than NEST alternative to offer employers and their staff. NEST will no doubt suffer from the shortcomings we have already been able to identify in its design and delivery
Posted by: snooks