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Introduction of pensions auto-enrolment will lead to huge growth
(PRWEB) May 05, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, PwC notes that Deloitte says corporate platforms will become even more important as employers search for a cost-efficient way to manage employees’ benefit packages. The introduction of pensions auto-enrolment will lead to huge growth in the corporate platform market as a result.
Caroline Gardner is director at Deloitte’s financial services practice. She says that although the corporate platforms market is still developing and there are only seven corporate platform providers compared to 27 retail platform companies the market is set for huge growth nevertheless.
“The first retail platforms were introduced in the UK in 2000 and assets under management grew at an annual growth rate of 16% between 2003 and 2011, and about 85% of financial advisers now use retail investment platforms,” she says. “The corporate market could experience similar growth. It’s estimated that there are £100m on corporate platforms and that this figure could double or treble over the next six months.”
Employers must start automatically enrolling all eligible employees into pension schemes over five years from October 2012. The largest employers first introduce auto-enrolment and up to 8m new people will start saving into a workplace pension, depending on employee opt-out rates.
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