Do smaller businesses think they need less time to prepare for auto enrolment?
Small businesses are leaving less time to prepare for auto enrolment than larger companies, according to a recent study by Employee Benefits.
The research, which looked at 370 HR and benefits managers, found that out of those who had already begun auto enrolling staff, 62% of those had started planning 18 months or more prior to their staging date.
When looking at businesses that had yet to reach their staging date, only 31% of these were planning to leave 18 months or more to prepare for the change.
The most popular time amongst larger employers to begin planning was 18 months before their staging date, with 40% stating they started planning at this point. With smaller businesses the most popular response was a year before (44%), with 6 months before and 18 months before both having 20% of the responses.
When respondents began planning for auto enrolment compliance
Read the full version of the Employee Benefits/Capita Pensions Research 2013.
Have you started planning for auto enrolment yet? Early feedback tells us that the process is very complex, which confirms why experts are recommending businesses leave at least 18 months to prepare for it. If you want to know what you need to do and when, why not download our free introductory guide?