Article date: 10 November 2011
- 4 out of 5 advisers feel prepared for auto-enrolment
- But 4 out of 5 advisers are not confident that their clients are yet prepared
- 3 out of 4 advisers feel ready for RDR
- 4 out of 5 advisers will turn to their provider for support
Corporate financial advisers remain broadly positive about their readiness for workplace savings changes despite there being less than 12 months until auto-enrolment starts.
Independent research commissioned by Aviva shows that 83% of corporate financial
advisers are either ‘fairly’ or 'very confident’ that they are ready to support employers
through auto-enrolment in the coming months.
However, 78% of advisers are ‘not very’ or ‘at all’ confident that their corporate clients are prepared for the changes ahead. The ‘cost of extra membership’ (66%) and
‘administration’ (56%) are clients’ top concerns.
Advisers’ readiness for auto-enrolment is seen in the context of broader marketplace change, including the retail distribution review (RDR) and the continued economic uncertainty. A total of 74% said they were moving forward with their plans for the remuneration changes that will happen under RDR, however one in four (26%) still recognised that they had more to do. About a third (36%) identified ‘falling consumer confidence’ and ‘volatile markets’ (29%) as key challenges to their business.
Seventy-nine per cent said they would turn to product providers for advice about autoenrolment, with a sizeable number also looking to their network (26%) and the Pensions Regulator (22%) for backing.
Alistair McQueen, senior workplace savings manager said: “Corporate advisers are facing a period of unprecedented change, and it’s really encouraging to see that many feel they are on top of the situation despite there being a lot of work still to do with clients.
“We see it as absolutely essential that we share our knowledge and expertise with
advisers to ensure that they and their clients get the best auto-enrolment solutions and RDR support for their businesses.”
Whilst signalling confidence in their ability to support customers’ auto-enrolment
requirements, corporate advisers said their clients needed a high level of support.
Aviva is one of the leading providers of workplace pensions in the UK. As well as having a dedicated corporate sales team, it provides extensive online support through its ‘Aviva for Advisers’ portal (www.aviva-for-advisers.co.uk), and has also launched a central online hub called ‘Aviva for Employers’
(www.aviva.co.uk/autoenrolment/) which provides comprehensive information about the workplace pension reforms.
Aviva is also committed to providing the full range of remuneration options to support
advisers through the period of RDR change.
If you are a journalist and would like further information, please contact:
Fiona Robertson: Aviva Press Office: 01904 452659: 07800 692299: firstname.lastname@example.org
Diane Mangan: Aviva Press Office: 07800 691714: email@example.com
Notes to editors
Methodology - Survey was conducted online by ICM Research, between 26th October 2011 – 2nd November 2011. 200 independent corporate financial advisers, all of whom had at least some of their business in workplace savings market, took part in the survey. The sample was sourced principally from ICM’s Adviser Panel and was made up of and supplemented by Aviva’s own contact list of Group pension providers.
Aviva is the world’s sixth largest* insurance group. We provide 44.5 million customers with insurance, savings and investment products with total worldwide sales in 2010 of £47.1 billion**.
We are the UK’s largest insurer with over 14 million customers. Our combination of life, health and general insurance is unique in its scale and breadth in the UK market. Customers can choose to buy our products through intermediaries, our corporate partners or from Aviva direct and we have become the partner of choice for many of the UK’s biggest organisations.
We are ranked as one of the UK’s top ten most valuable brands and Aviva Plc are in the top 10% of socially responsible companies globally in the Dow Jones Sustainability World Index. In 2010 we invested £4.3m into our communities in the UK, which included 1,500 Aviva volunteers giving 24,000 hours for good causes. In addition, our employees gave £600,000 through fundraising and donating. Read our corporate responsibility report at www.aviva.com/2010cr.
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*based on gross worldwide premiums at 31 December 2010.
**at 31 December 2010.