Raising the benefit in kind limit for workplace pension advice

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Raising the benefit in kind limit for workplace pension advice

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With the revolution of auto-enrolment the need for financial advice will increase yet access to advice is an issue.

Pensions are investments so advice is critical for them to succeed. It makes sense to me that access to advice through the workplace is a logical solution. The advice should also be given in context of a person’s overall position and not restricted to the pension.

Currently if the fee for pension advice paid by the employer is above £150 per employee and not delivered to a mass audience then the whole of it is treated as a benefit in kind. Also the advice is restricted to the pension and not a person's overall financial position.

I am asking the government to consider raising the threshold to £500 (2013/14) and expanding the definition of advice to “financial” and not just “pension”.

Please sign up to this petition if you would like to assist the majority of the working population to access genuine financial advice through their workplace.

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