Guidance on the level of work that ACCA members in practice are permitted to undertake for their clients regarding pension auto-enrolment.
Auto-enrolment will make it compulsory for all employers to automatically enrol eligible job holders into a pension scheme and to make contributions into that scheme. Many employers have already started automatically enrolling staff into a pension scheme and by the beginning of 2018 all employers will be required by law to follow suit.
Many ACCA members have been enquiring as to the level of work that they are permitted to undertake for their clients. ACCA practising members are free to advise their clients on the following matters:
staging dates for enrolment
who are 'eligible jobholders' for the purposes of auto-enrolment
ensuring that systems are compliant
In addition to the above, practising members may also advise a client on the selection of an appropriate scheme which is compliant with auto-enrolment.
So, for example, a member firm may point the employer in the direction of a specific pension provider; the Financial Conduct Authority (FCA) has confirmed that this is not regarded as a regulated activity.
However, an ACCA firm isnot allowed to advise an individual employee on the merits of joining a scheme since this is regarded as a regulated activity. They would only be able to do this if they are authorised by the FCA to carry out regulated activities.