The UK’s regulator of work-based pension schemes is urging hundreds of thousands of small and micro employers to check when they need to start automatically enrolling eligible workers into a qualifying workplace pension scheme.
The regulator’s call on 5 August came as new research tracking auto-enrolment awareness found almost two-thirds of small and micro employers did not know the date when they needed to start complying with automatic enrolment laws.
The Pension Regulator estimates that over the next two years, around 1.8 million small and micro employers will need to implement auto-enrolment duties.
Every employer has a staging date – the date on which they need to implement auto-enrolment – and the research found that 90 per cent of employers due to stage between now and November 2015 know the date and have started preparing.
But only 29 per cent of employers staging between January-November 2016 accurately knew their staging date.
The research also found that seven in ten small employers expected to rely on a professional adviser, like an accountant or Independent Financial Adviser, to help implement auto-enrolment.
Charles Counsell, the regulator’s executive director of automatic enrolment, said: “Most small and micro employers due to stage this year are well underway with their preparations, but there is no room for complacency.
“The research shows many employers are still not preparing early enough. My message to employers remains clear: start getting your plans in place or you risk a financial penalty.”
Moore Thompson can provide comprehensive support to help employers through the auto-enrolment process and beyond, including:
- identifying the costs of auto-enrolment
- assisting with the auto-enrolment information
- payroll bureau support for auto-enrolment
- reviewing existing pension schemes for auto-enrolment compliance
- advising and assisting with setting up a new pension scheme compliant with auto-enrolment requirements
- advising on and providing quotations for Sage software to assist with auto-enrolment and accounting.
For more information on our auto-enrolment services, please contact us.