Over 90% of employers will seek auto enrolment advice and support
Early feedback tells us that auto enrolment is incredibly complex, and recent research from NEST confirms this view, with the majority of employers stating they would be seeking advice.
According to the study, over 90% of employers will be seeking advice when it comes to choosing a pension provider for auto enrolment, with a further 74% claiming they had or would be looking for advice and support in complying with the new regulations.
Auto enrolment was introduced over a year ago, starting with larger companies, with smaller firms having the legislation rolled out to them in stages over the coming months and years.
Early reports point to the change being successful, with opt out rates much lower than predicted and many more people saving for their retirement than before. Smaller businesses may find complying more difficult however, especially if they haven’t offered a workplace pension scheme previously, so have less knowledge in this area.
Auto enrolment will affect all businesses across the UK however, and with potential fines of up to £10,000 per day for non-compliance, it isn’t something which can be ignored of left to the last minute. The Pensions Regulator recommend businesses start preparing at least 12-18 months before their staging date to ensure they are ready in time.
If you are struggling with preparing for auto enrolment or are confused about what you are required to do, why not book a place on one of our three hour training seminars – Understanding Automatic Enrolment.