68% of businesses yet to nominate a pension provider for auto enrolment [Survey]
As the number of businesses staging for auto enrolment begins to increase, 68% of businesses surveyed by IRIS say they still have yet to nominate a pension provider.
Auto enrolment came into effect for larger businesses in October 2012 and over the next financial year, more than 30,000 businesses will reach their staging date. With much complexity around preparation, education and compliance The Pensions Regulator and NEST are recommending companies start preparing 18 months before their staging date.
34% of those surveyed had less than 12 months before their staging date to find a pension provider and scheme that is compliant with the Workplace Pension Reform legislation. With warnings of a ‘capacity crunch’ for both pension providers and independent financial advisors [IFAs] therefore those who leave their preparations too late will be left with little choice to get the best solution for their business.
A quick 4 point auto enrolment checklist
1. Understand the legislation
Has your business received auto enrolment education and fully understands what the duties and responsibilties are?
2. Find a pension provider and an auto enrolment compliant scheme
Has your business compared the market for the best pension provider scheme for your business?
3. Assess your employees every pay period
Has you business determined the best way to repeatedly assess your employees every week/month?
4. Sending the correct communications to employees at the right time
Has your business got a process ready to react in a cost-effective and timely manner to comply with legislation when sending communications to employees?
Many IRIS customers who’ve already staged say they wish they’d started preparing their business earlier than they did.
IRIS offers a complete auto enrolment solution as well as legislative courses to help businesses fully understand and prepare their company and employees.
Find out more about how IRIS can help you and your business today by calling: 0344 815 5700 or email the team directly firstname.lastname@example.org
*416 responses – IRIS Survey May 2014