Auto-enrolment highlights need for workplace advice boost
Press Releases | | Helm Godfrey
DEMAND for advice around pensions and other employee benefits is set to rise sharply as the bulk of the UK’s workforce gets automatically enrolled into pension schemes.
Whilst workers for the biggest companies were auto-enrolled back in 2012, the majority of the UK’s 26.5m employees are employed in small and medium sized enterprises that are only now starting to reach their staging dates.
Helm Godfrey is calling for employers to make the most of their captive audiences to increase awareness of employee benefits packages and wider financial planning issues and has hired two new advisers to meet demand.
Graham Cross, Managing Director of Helm Godfrey, said, “The number of people auto-enrolled has, so far, been just a trickle compared to the deluge we are about to witness.
“For some time, Helm Godfrey’s dedicated Employee Benefits team has been successfully guiding employers through the process from start to finish and are well-equipped to take on new clients.
“However, we also see auto-enrolment as a great opportunity for employers to engage with their employees and boost uptake of important benefits, such as life insurance and private medical cover.”
Helm Godfrey’s new appointments are Emmanuel Auquo, who comes from an employee benefits background and Lauren Peters, a pensions specialist. Both advisers will be available to meet with employees on a private client basis as well as for group seminars.
The pensions landscape has undergone major change since last year’s shock Budget. The way in which individuals can draw their income in retirement has been revolutionised with the removal of the need to purchase an annuity and the abolition of capped drawdown.
At the same time, auto-enrolment is in full swing, following the Government’s drive to reduce reliance on the State and, from next year, the bewildering three tier State Pension will be replaced with a new Flat Rate payment.
Graham Cross commented, “The Government has made it clear that the responsibility for retirement provision is being shifted away from the State and towards individuals and their employers.
“Yet, the virtual abolition of final salary pensions means there are no guarantees for employees any more; it is up to the individual to be actively involved in contributing to, and monitoring, their own pension retirement investments.
“Employers themselves have a corporate responsibility to ensure their workforce understands the benefits on offer to them and has access to relevant information and guidance so that they can make well-informed decisions to safeguard their financial futures.”
For more information: contact Dan Judge at Bulletin PR. Email: firstname.lastname@example.org or tel: 07904 778661 About Helm Godfrey.
Helm Godfrey provides specialist, holistic, independent advice on wealth management, employee benefits and financial planning for businesses and individuals. Based in the City of London, Helm Godfrey has grown steadily and is now a top 100 UK IFA. To find out more about Helm Godfrey, visit the website: http://www.helmgodfrey.com.
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