For immediate release: Tuesday 27 January 2015
New figures from workplace pensions provider, NOW: Pensions, reveal that out of the 4,279 companies that signed up with it in 2014, nearly one in five (17%) completed their application either very close to their staging date or after the deadline had passed.
Of these employers, one in ten (9%) contacted NOW: Pensions in the month of their staging date while a further 8% left it until after their staging date had passed.
While nearly a third (29%) took action a month before their staging date, only 20% signed up six months or more in advance of staging – the timescale recommended by The Pensions Regulator.
Morten Nilsson, CEO of NOW: Pensions said: “While employers are being encouraged to get their auto enrolment plans in place early, the reality is a large proportion are leaving it late or missing the deadline altogether.
“For some, this is simply due to lack of planning and preparation, while for others, it’s due to being let down at the eleventh hour by another provider.
“While we accept all employers and are happy to help those who’ve left it late, we strongly recommend that employers follow the regulator’s advice and make their provider selection as early as possible to avoid unnecessary stress.”
To help employers get onboard quickly and easily, NOW: Pensions has an online application process. By completing an online form that takes a matter of minutes, employers can have an auto enrolment compliant pension scheme set up within 24 to 48 hours.
For employers that have missed their staging date, NOW: Pensions has put together a simple five step guide to help them get back on track www.nowpensions.com/have-you-missed-your-staging-date.
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For further information:
Tel: 0203 640 9075
Tel: +44 207 566 9720
Notes to editors
All employers accepted following satisfactory credit checks on the employer.
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.
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
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.