Automatic Enrolment: UK employers are meeting their duties
For the first time, The Pensions Regulator (TPR) has published research into how UK employers are meeting their duties following the completion of their declaration of compliance.
According to The Pension Regulator, around 96% of employers asked, said they are confident they are fully compliant with their ongoing duties towards their staff.
The research which asked employers about their attitudes towards their ongoing duties shows employers found “automatic enrolment easier than expected”.
It has also been found that “most micro employers said they spend around half an hour each month meeting their duties, costing them around £42 per month to use an accountant or auditor to help them”.
According to TPR’s Director of Automatic Enrolment Darren Ryder, the new figures show automatic enrolment is now “simply part of running a business and that most employers have found meeting their duties less complicated than they expected”.
The research shows that the vast majority of UK employers comply on time and it is encouraging that so many employers are confident they are doing the right thing for their staff.
Are You Still Due to Stage?
This year, over 700,000 businesses are reaching their staging date for auto enrolment, the most since the reforms started in 2012. If your business is one of them still due to stage, you need to get prepared as soon as possible.
Speak to us today about the industry’s most comprehensive Auto Enrolment solution, the IRIS AE Suite™. Developed through close relationships with pensions providers and The Pensions Regulator as well as customer feedback.
With record numbers of businesses staging this year, IRIS are continuing to ensure that all businesses fully understand the legislation and how it affects them. Accountants, advisors and indeed businesses can join us on Tuesday 18th July for a free webinar.
This new webinar is perfect for businesses and practices yet to stage for auto enrolment. We’ll be covering the background to the legislation, the basics about what you’ll need to do to get compliant, and how IRIS can help.
If you can’t make it, you can download a free on-demand version by visiting iris.co.uk/ondemand
Simply click below to register your place, we’ll begin the 30-minute session at 11am.