Time is running out to prepare for auto enrolment, says Pensions Regulator
Employers will face a “steep learning curve” to be ready on schedule for automatic enrolment, according to research from The Pensions Regulator (TPR). The regulator went on to say that employers are starting to recognise the need to allow time to plan for auto enrolment, but for some it could be too late.
Auto enrolment has already begun for larger companies, with the legislation being rolled out to the remaining businesses across the UK over the coming months and years. Experts are urging businesses to give themselves 18 months to prepare their processes, but according to the TPR report 7% of employers do not even know when their staging date is.
Out of the employers due to stage in April 2014, only 27% had drawn up plans and started preparations at the time of the survey.
A spokesperson from TPR commented on the survey saying “the vast majority of employers are yet to go through automatic enrolment, with tens of thousands of medium sized companies due to stage in 2014. Our call to action to employers to know your staging date and make a plan are more relevant than ever.”
You can read the full report on The Pensions Regulator website.
Have you started thinking about the steps you need to take to prepare for auto enrolment? If not, why not download our free auto enrolment guide?