Less than 20% of small businesses have started planning for auto enrolment
Despite calls from industry experts to start thinking about auto enrolment 12 months before their staging date, a recent IRIS survey found that only 18% of small businesses had started making preparations for the change.
IRIS recently surveyed 160 businesses and found that out of those only 18% had begun planning for auto enrolment, with a further 35% saying they weren’t intending to start planning until less than 6 months before their staging date.
Only 16% of participants answered that they would start their auto enrolment preparation more than 12 months before their staging date, with the remaining businesses planning to start between 6 and 12 months before their staging date.
We cannot stress enough how important it is for businesses to start preparing for auto enrolment as early as possible. Last month we wrote a post about how certain pension providers are having to turn auto enrolment business away from companies with less than 6 months to their staging date, due to rapidly increasing demand.
With potential penalties of up to £10,000 per day for non-compliance, you can’t afford to risk leaving preparation till the last minute. Early feedback tells us that auto enrolment is incredibly complex and requires considerably more preparation than RTI did.
Call us now on 0344 815 5656 and see how we can help you prepare for auto enrolment.
Want to know what you need to do and when? Download our free introductory guide to auto enrolment below.