4 in 5 advisers want auto-enrolment changes
Over eight in 10 advisers (83%) want increases to auto-enrolment minimum contributions, a lower minimum age, or both, according to a new report.
Over half (51%) of the 700 advisers surveyed by fintech iPipline want both changes.
Only 7.5% of advisers surveyed said they did not want to see changes made to auto-enrolment.
The advisers also questioned how useful it would be to offer simplified advice for both the accumulation and decumulation mass market. Over half (51%) said they would broadly welcome simplified advice.
Advisers also said that pension transfers were still taking too long.
When asked how long pension transfers take from submission to confirmation, 53% said 1 to 6 months, with 4% saying over 6 months. Less than half (43%) said they were seeing transfers in four weeks or less.
Paul Yates, product strategy director at iPipeline, said the launch of Pension Dashboards could see many savers look to move pension pots but face the challenge of poor service due to slow transfers.
He added that the firm would also welcome the expansion or auto-enrolment.
Greg Neall, Chartered Financial Planner at Wake Up Your Wealth, told iPipeline: “I would welcome a lowering of the age for mandatory auto-enrolment to 18 and I would favour dropping the Lower Earnings Limit deduction and the trigger point to give lower earners a bigger incentive to join the scheme.
"Many lower earners are still excluded from the system because of these limits when it should be universal. This may be unpopular with employers, on top of the National Insurance rise, but the job of building a mandatory pension system for all needs to be finished.”
• iPipeline surveyed 700 financial advisers via its SolutionBuilder portal in September.