In new legislation issued alongside the Budget, employers must take responsibility for monitoring unregulated pensions advisers in the workplace. The Treasury have said that employer choices should be extended to let pensions products be promoted by staff and unregulated third parties.
Under this system, employee interests would be protected through guidance rather than in law, and the responsibility for ensuring that the advice is good, will rest with employers.
Our view
As ever, employers will be left 'holding the baby'. Our view is simple - as an employer - offer no advice, no guidance and let the employee select their own adviser.
If you need help either as an employee or employer, book a call back.