Employers should follow the lead of a Stoke-on-Trent pottery business that brings an IFA into their business on a regular basis as part of their HR offering, pension and financial inclusion minister Guy Opperman says.
Speaking at the Pensions and Lifetime Savings Association conference yesterday, Opperman said Stoke-based Steelite, whose premises he had visited, should be applauded for offering free advice to its hundreds of staff by having an IFA based on their premises.
Setting out his financial inclusion credentials, Opperman said he was the only MP in the House of Commons who had set up a community bank to take on payday lenders by offering his constituents loans at reasonable rates.
Opperman confirmed that the Department for Work and Pensions would lead the pensions dashboard project, although he did not commit to a timetable beyond saying a further announcement should be expected in Spring 2018.
He said the Bill to establish a single financial guidance body should receive Royal assent next March, while an update on the auto-enrolment review should be published some time around 6th December 2017.
Opperman said: “There are not many situations where an IFA is coming into a pottery business to advise them on pensions. I do see things like this going forward. He is a massive addition to the business that they have.
“I’m first minister to be made financial inclusion minister…I am always stunned and amazed by how little organisations in all aspects of financial services don’t necessarily give financial capability, advice, or financial HR to their employees. So my job is also to nudge, encourage and applaud things such as a potteries business in Stoke brings in a financial adviser in on a regular basis and has done for many years.”