Group risk will grow on back of auto enrolment

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Almost three-quarters (72%) of advisers dealing with group risk believe auto-enrolment will present them with new business opportunities, as employers seek financial advice to ensure they are compliant with its regulations.

Canada Life Group Insurance research released at Canada Life's Group Risk Speed Debate, found most advisers think auto-enrolment will have a positive effect on the group risk market.

Over two-thirds (68%) believe that businesses will review the benefits they offer to their employees, as they prepare to make their workplace pension compliant.

However, the negative impact on the group risk market as employers will reduce their expenditure on benefits to make sure that they can afford the necessary pension contributions they will have to make was expected by 20% of asvisers.

In addition, 15% believe employers will shy away from the additional administration of implementing both new benefits and pension schemes at the same time.

Paul Avis, Sales and Marketing Director at Canada Life Group Insurance said: "This is a hugely exciting time for the Group Risk market.

"Auto-enrolment is one of the biggest legislative "game-changers" of the past few years, and businesses will have to adapt to ensure that they meet its requirements and look for additional revenue streams.

"As a result there are many opportunities for advisers to approach new clients, or encourage existing ones to review employee benefits at the same time as they do with their workplace pension schemes.

 

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