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Jamie Fiveash, Director of Customer Solutions at B&CE, provider of The People’s Pension, has called on The Pensions Regulator (TPR) and Department for Work & Pensions (DWP) to do more to make employers aware of the numerous alternatives to NEST.
At present TPR writes to employers ahead of their Staging Date to make them aware of their automatic enrolment obligations. However, when it does this it only specifically mentions one provider, NEST, as an automatic enrolment option.
To compound the problem, last month the DWP sent up to 6,000 employers correspondence and a survey on employers’ pension provision which heavily promoted NEST whilst making no reference to the many alternatives available to employers.
Thousands of employers will soon reach their automatic enrolment staging date which means many more companies are going to be affected in the coming months and years.
Jamie Fiveash, Director of Customer Solutions at B&CE, provider of The People’s Pension, said:
“For the success of automatic enrolment we don’t think the entire burden should fall on a single provider such as NEST. Doing this denies employers’ a choice and potentially leaves thousands of employees worse off because their employer may have been unaware of alternatives.
“Instead of NEST being the sole point of reference, the DWP and TPR should list providers who meet a recognised quality mark. It makes logical sense for this to be the NAPF ‘Pension Quality Mark READY’. Adopting this approach would enable employers to easily identify the multi-employer schemes that have good governance, low charges and clear member communications. It would have the added bonus of providing the NAPF quality mark with even greater credibility.”