Over one in five firms missing their auto enrolment deadline

Find out more here

Of the companies that signed up with workplace pensions provider NOW: Pensions in the fourth quarter of 2016, 41% signed up either very close to their staging date, or after their staging date deadline had passed – the highest number recorded over the year.

At the other end of the spectrum however, in Q3 and Q4 respectively, over a third (38%) were planning a clear 6 months or more ahead of their staging date; a stark increase from Q1 where just over one in ten (13%) were sorting their auto enrolment duties in advance.

Of the employers who left it late, 19% contacted NOW: Pensions within a month of their staging date whilst over one in five (22%) left it until after their staging date had passed.

Months to staging date Q1 2016 Q2 2016 Q3 2016 Q4 2016
6 or more 13% 34% 38% 38%
3 – 6 36% 11% 9% 10%
2 – 3 6% 5% 5% 4%
1 – 2 9% 10% 10% 8%
Within a month before staging 21% 19% 19% 19%
After staging date 16% 21% 18% 22%


*
Percentages subject to rounding

Morten Nilsson, CEO of NOW: Pensions said: “It’s encouraging to see that so many small firms are taking their auto enrolment duties seriously and planning well in advance. The messages from The Pensions Regulator are clearly getting through. But, at the other end of the spectrum, a lot of firms are still burying their heads in the sand.

Small business owners have a lot to think about and it’s easy for auto enrolment to be put on the back burner, but the fines for non-compliance are steep and missing the deadline can cause unnecessary sleepless nights.

Auto enrolment is complicated so the longer firms leave to tackle it, the more confident and comfortable they’ll feel.”

For guidance on what to do if you’ve missed your staging date click here.

–     Ends     –

 

Cheriton Lee

NOW: Pensions

T: 0203 826 1464

M: 07557 109 838

cheriton.lee@nowpensions.com

NOW: Pensions www.nowpensions.com @nowpensions

Notes to editors

NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.

NOW: Pensions was one of the first providers to achieve independent assurance of scheme quality in accordance with the master trust assurance framework (AAF02/07) introduced by The Pensions Regulator in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).

Find out more here

ATP comes to the UK pensions world with the highest commendations from the Danish trade unions, employers and government. NOW: Pensions' offering in the UK will be high quality, low cost, and honest and I'm proud to be associated with it. — John Monks, member of House of Lords and former General Secretary of ETUC and TUC
Over a short period of time, NOW: Pensions has established itself as a respected and credible player in the UK workplace pensions market attracting thousands of employers and hundreds of thousands of members. Joining the team at such a crucial time… — Jocelyn Blackwell, Founder of Dunnett Shaw and Raising Standards in Pensions Administration
...its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees. — Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland
“Redington’s Investment Committee assigned an Approved Rating to the NPI DGF and positive on the fund.” — Redington
“We were impressed with the simplicity of its scheme. The ease of implementation was also a big plus for us and has removed much of the administrative headache.” — Neil Tune, HR director at Fitness First