For immediate release: Monday 4 April 2016
Of the companies that signed up with workplace pensions provider NOW: Pensions in the first quarter of 2016, over a third (37%) completed their application either very close to their staging date or after the deadline had passed.
Of these employers, 16% contacted NOW: Pensions after their staging date had passed – the highest percentage over the recorded quarters.
At the other end of the spectrum however, more than one in ten (13%) of firms signed up six months or more ahead of their staging date and over a third (36%) took action between three and six months in advance of their auto enrolment deadline. Over one in 20 (6%) signed up two to three months ahead of staging and a further 9% got their scheme in place between one and two months ahead of their staging date.
|Months to staging date||Q1 2015||Q2 2015||Q3 2015||Q4 2015||Q1 2016|
|6 or more||32%||30%||31%||31%||13%|
|3 – 6||14%||16%||12%||19%||36%|
|2 – 3||12%||6%||9%||10%||6%|
|1 – 2||16%||16%||11%||12%||9%|
|Within a month before staging||18%||19%||27%||15%||21%|
|After staging date||8%||13%||10%||12%||16%|
*Percentages subject to rounding
Morten Nilsson, CEO of NOW: Pensions said: “When it comes to auto enrolment, it’s becoming clear that there are two distinct categories of employers – the conscientious and the oblivious.
“Despite constant cajoling, some employers are still leaving auto enrolment dangerously late risking fines and increased administrative pressure.”
For more tips on what to do if you’ve missed your staging date click here.
– Ends –
For further information:
Tel: 0203 640 9075
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is an independent, multi-employer trust serving thousands of employers and hundreds of thousands of employees from a wide range of sectors.
A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions offers a simple and cost effective workplace pension solution direct to employers and via advisers and the payroll sector.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
In January 2015, NOW: Pensions achieved independent assurance of scheme quality in accordance with the new master trust assurance framework (AAF02/07) introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Jocelyn Blackwell, founding partner Dunnett Shaw
- Christopher Daykin, former Government Actuary
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
- Nigel Waterson, former Shadow Pensions Minister
Employee charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.