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.
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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).