TENET SEES GROUP PENSION CASES UP BY 55% IN 2013
28 February 2014
Auto-enrolment (AE) has helped contribute to a 55% increase in Tenet group pensions cases in 2013 compared to 2012, with annual premium equivalent (APE) increasing by 40%. Tenet states it is pleasing to see positive evidence of more companies engaging to meet pensions reform legislation and believes that the slightly smaller increase in APE is indicative of advisers engaging with SMEs to try and meet regulatory requirements before their staging date. This has been actively supported by the Tenet Employee Benefit Solutions proposition which is aimed specifically at the SME market and helps advisers - irrespective of their level of experience - to administer and develop a corporate proposition.
Interestingly, APE for individual pensions has also increased by nearly 10% which is likely to be reflective of general pensions awareness being created by AE activity. SIPP/Drawdown cases are also up by 17%, as advisers continue to look at retirement options beyond the conventional annuity
Despite the new regulatory requirements under the RDR, the general increase in confidence in the investment market is substantiated by a healthy 25% increase in investment cases and 36% increase in APE in 2013 compared to the previous year.
Helen Turner, group distribution and development director comments:
“Although the industry was uncertain about the consequences of the RDR, our business figures for 2013 show many positive increases in key business areas. AE has obviously been central to the growth in group pensions and following a sustained campaign to help advisers combat unawareness and unpreparedness amongst employers, the figures are telling a positive story.”
Ends
For further information, please contact:
Emma Bull
PR manager
Tel: 0113 239 5342
E-mail: emma.bull@tenetgroup.co.uk
David Booth OR Helen Turner
PR executive distribution & development director
Tel: 0113 239 5342 Tel: 0113 239 0011
E-mail: david.booth@tenetgroup.co.uk E-mail: Helen.turner@tenetgroup.co.uk
Note to editors:
Tenet Group, the Leeds-based adviser support group is one of the largest and longest established in the UK, supporting thousands of advisers across four key support propositions. Post-RDR, it aims to support advisers in the most appropriate way to suit their business model - offering an investment network, TenetConnect, a non-investment network, TenetLime, a support service provider, TenetSelect and a small national, Aspire Financial Advisers. Ranked as one of the top ten UK adviser support groups based on turnover, Tenet holds over £28m of net assets and has no external debt.
Website:
http://www.tenetgroup.co.uk
