Andrew Dickson, senior business development manager at Standard Life told delegates at the NAPF annual conference in Glasgow that offering financial advice to members of staff can reverse the effects of levelling down following auto-enrolment. He pointed to the Australian experience, where half of the Aus $80bn a year paid into schemes is done so on a voluntary basis.
Dickson cited the example of Telstron, a large telecoms company, which has 44 financial planners available to its staff. He also stressed the value of meaningful benefits platforms to engaging with the next generation of employees.
Dickson said: “What are the differentiators for employers when everybody is contributing exactly the same amount? Advice, because employees really want it, yet in the UK we have removed it from the value chain. You can get people to level up provided you furnish them with information and advice.”