Fifth of Small Businesses Missing Auto Enrolment Staging Date
NOW: Pensions have this week revealed that research compiled from companies completing their auto enrolment application between April to June 2016 after their staging date has passed is now at a record high of 21%. This was an increase of 16% on businesses who missing their staging date during the first quarter of 2016.
Morten Nilsson, CEO of NOW: Pensions, said: “While it’s worrying that 21% are missing their staging date, it’s also reassuring to see that 34% are planning well in advance.
“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. Missing the deadline can cause unnecessary sleepless nights.”
Raising Awareness of Auto Enrolment
What’s interesting about these statistics is that they are growing each quarter as more and smaller businesses reach their staging date. The UK’s largest employers have now all staged, and this financial year alone 570,000 ‘SMEs’ will have to begin their automatic enrolment duties.
We’ve previously covered research by NEST, the government’s workplace pension scheme, which has highlighted that an impressive 74% of small businesses plan to speak to their accountant for advice on pensions, and the average price charged by accountant’s stands at £440.
The Free IRIS Auto Enrolment Accountancy Kitbag
We’ve written in great depth about the benefits and advantages of our free Kitbag, but that’s because it’s constantly evolving and being updated with the latest content.
The Kitbag is designed to give accountants like you the content you need to make automatic enrolment a key part of your business plan. Why pass up £440 per client? Download the free Kitbag and gain access to useful information and content such as free guides, pre-recorded webinars, joint-branded letters and more. This month we’ve added the Employer Payroll Communications information sheet to help enable you to quickly communicate changes your clients will see if using IRIS payroll software and the industry leading workplace pension solution, the IRIS AE Suite™.
Download your Kitbag today and begin to see the benefits automatic enrolment can bring to your practice.