Pension providers turn away auto enrolment business as demand increases
If you haven’t begun preparing for automatic enrolment yet, you should start thinking about it, as pension provider Scottish Life announces they are having to turn businesses away.
Businesses are being given a staging date which is the date by which they must begin complying with auto enrolment. In a discussion with Money Marketing a Scottish Life spokesperson revealed that due to the administrative burden involved with auto enrolment, they are turning business away from firms that are less than six months from their staging date. This is so the provider has adequate time to prepare the employers’ payroll systems and provider communication to staff ahead of the implementation.
Auto enrolment has already begun for larger companies, with small and medium businesses having the new legislation rolled out to them over the coming months and years. Experts are urging businesses to start preparing at least 18 months before their staging date, and this announcement confirms this.
Early feedback tells us that auto enrolment is incredibly complex and requires a lot of preparation. There will be potential penalties of up to £10,000 per day for non-compliance so ensuring you are ready as soon as possible is vital.
To help you prepare we are holding auto enrolment training seminars across the country. Visit the auto enrolment training page to find out more or to book your place.