Shift Toward Long-Term Pension Agreements
Larger corporations are increasingly moving away from a one-off and project based approach to consulting with employees in relation to their workplace pension provision.
Instead these are firms are now seeking to put in place long-term service agreements as they seek to ensure their employees and pension scheme members have access to high quality advice.
Impact of Upcoming Pension Freedoms
This trend is expected to increase markedly once new pension freedoms are available to individuals in April 2015.
Insights From deVere United Kingdom
These observations come from deVere United Kingdom, the UK arm of deVere Group, one of the world’s largest independent financial advisory organisations, which launched its Workplace Solutions division in April this year.
deVere United Kingdom’s Head of Workplace Solutions, Mitch Hopkinson, explains: “Immediately upon entering this market we discovered not only the change in approach by employers, but the critical need for provision of high quality advice to employees and former employees in this very complex area.
“Evidence of our quality in the key areas of engagement with and advice to individuals immediately resulted in our securing a three-year appointment with a major multinational with a large UK presence. Achieving this so soon after we launched Workplace Solutions is astonishing and almost unheard of.”
Securing Major Corporate Appointments
Kevin White, deVere United Kingdom’s Head of Financial Planning, comments: “Given our relatively recent entry into this market, this appointment is a real validation of our Workplace Solutions team and of our potential to become the leading provider of high quality and cost effective advice across the UK, something we are committed to achieving in short order.”
Regulatory Reviews and Industry Leadership
He continues: “The recent publication of a thematic review by the Financial Conduct Authority (FCA) on advice provided to individuals who were made an Enhanced Transfer Value offer, demonstrates the challenges financial advisers in the UK face in the lead up to April 2015 and the increase in choices available to individuals.
“deVere United Kingdom fully intends to provide an industry lead in this sector and will make further key appointments to build on our early success.”
