Auto enrolment preparation is biggest objective for almost 40% of businesses
The research, taken by Aon Hewitt and featured on Employee Benefits, found that this figure was up from just 25% last year, showing that more businesses are understanding the importance of preparing for auto enrolment.
45% of respondents had already started preparing their processes for auto enrolment but did not consider themselves to be ready yet. 24% said they felt adequately prepared, compared to 13% of respondents in 2012.
Some more key points listed in the report were:
Just 3% of respondent have not yet identified the changes they need to make to comply with auto-enrolment.
1% of respondents claim not to have considered the implications of auto-enrolment.
46% of respondents said auto-enrolment is making the operation of their defined contribution (DC) pension scheme more complicated.
33% of respondents have set up a new pension plan for their auto-enrolment population.
21% of respondents have not yet considered the implications of auto-enrolment for pension investment.
20% of respondents have not considered auto-enrolment’s impact on investment options for their default fund.
Have you started preparing your business for auto enrolment yet? Are you one of the almost 40% of businesses that are viewing it as your biggest objective over the next year? If you are still confused about auto enrolment and how you need to prepare for it, why not download our free introductory guide?