Automatic Enrolment Reaches Landmark 200,000 Employers
The Workplace Pension Reforms hit a landmark in August, with over 200,000 businesses now being compliant with the legislation.
Since the pension reforms back in 2012, between then and early 2016, there was slightly more than 100,000 businesses enrolled. There are up to 570,000 small and micro-sized businesses staging this financial year, so the sudden rise in businesses staging comes as no surprise.
Minister for Pensions Richard Harrington said: “Automatic enrolment is the cornerstone of our private pension reforms. Over 200,000 employers have now enrolled 6.5 million workers in a workplace pension and it is clear that there is real momentum growing.
“Employers are crucial to the success of automatic enrolment and it’s fantastic that more people than ever before are now saving for a secure future”.
Additionally, Executive Director for Auto Enrolment at The Pensions Regulator, Charles Counsell said: “This is another important milestone which shows the successful roll out of automatic enrolment to hundreds of thousands of small and micro employers continues. However, we know there are challenges ahead as more than a million more employers complete their duties.
“Employers should look out for envelopes from The Pensions Regulator arriving in their mail. In August, we are sending around 60,000 letters to employers alerting them to the fact that they have a month to go before they need to act.”
Staging Date Approaching?
With so many businesses reaching their staging date in 2016 and beyond, it’s important that businesses are ready and prepared in time, as this will help avoid non-compliance fines and other complications.
To help, we run ‘Bite-size Auto Enrolment’ each month. The webinar serves as an introduction to automatic enrolment, covering a background to the legislation, what you need to do to prepare, what happens after your staging date, and what happens if you do nothing. There is also time for a Q&A with an expert in the workplace pension reforms to run through any queries you may have.
We have two sessions running this month for small businesses, and one for GPs. You can check them out and register for your preferred date below.
Bite-size Auto Enrolment for Small Businesses - 16th August at 10am
Bite-size Auto Enrolment for GPs - 18th August at 10am
Bite-size Auto Enrolment for Small Businesses - 25th August at 2pm