Financial advisors feel that employers should pay for their advice when it comes to occupational pension schemes for employees.
A recent survey conducted by the investment firm Quilter Cheviot Investment Management polled 130 financial advisors to learn their views on pensions reform, auto-enrolment and investment strategies.
When questions were asked most of the advisors agreed with each other - over half of the polled advisors said they believe employers should foot the bill for the provision of advice to members of occupational pension schemes. Almost 100% of respondents said they thought employees nearing retirement would increase their contributions for one reason or another. The same amount of respondents said they had high confidence in self invested personal pensions. They cited a wide range of opportunities when it came to these personal pensions and said that employers should consider offering advice on these as well.
Three quarters of the advisors also said they thought the 2014 Budget proposals may offer more opportunities for their business to advise members of occupational schemes on pensions.
Finally, the data revealed that a majority of these financial advisors believe the Government’s pensions reform will lead to workers increasing their contributions to their pension funds.