September

The Pensions Regulator urges businesses to learn their staging date

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The Pension Regulator has recently published its latest automatic enrolment summary, containing their findings from surveying SME employers (50 – 60 workers), small employers (5-49 workers) and micro employers (1 – 4 workers). 

The survey has shown an increased understanding of automatic enrolment amongst all groups but there are still concerns that many businesses (20% of small employers and almost 50% of micro employers) do not yet know their staging dates.  

One in 10 businesses due to stage between October 2014 and April 2015 have still not commenced preparation to meet their automatic enrolment duties despite recommendations to start preparing at least 12 months in advance.  This leaves a significant amount of businesses at a big risk of not being able to meet their staging date.

The survey also showed that a significant proportion of companies (37% of small companies and 51% of micro businesses) do not yet understand the five key features of pension reform, namely:

  • That they will have to automatically enrol relevant workers
  • They must provide a compliant pension scheme
  • They have to contribute at a minimum level to workers pensions
  • They will need to complete a declaration of compliance
  • They will need to communicate to workers on an individual basis

Are you aware of your responsibilities as an employer?  Join a 20 minute free IRIS webinar to start on the journey to auto enrolment compliance. 

Are you one of the 10% of businesses staging before April 2015 who hasn’t yet started to prepare?  Speak to an IRIS advisor on 0344 815 5700 about how we can help.

This concern is something that IRIS shares and we are helping accountants and businesses every day understand sufficiently the existence or implications of workplace pensions. 
The campaign also raises concerns over the volume of businesses needing to deal with automatic enrolment. IRIS is well equipped with scalable automatic enrolment solutions but good quality and appropriate advice is likely to come at a premium as the volume of businesses staging increases. 
The ‘No-one gets left behind’ campaign highlights the eight things you need to know to be ready for auto enrolment including communications, data management skills, scheme selection and sheer manpower required
The campaign also raises concerns over the volume of businesses needing to deal with automatic enrolment. IRIS is well equipped with scalable automatic enrolment solutions but good quality and appropriate advice is likely to come at a premium as the volume of businesses staging increases. 
To find out how IRIS are helping businesses and accountants stage visit iris.co.uk/aeinsightIRIS are proud to be supporting the ‘No-one gets left behind’ campaign launched by Accounting Web. The campaign has been launched to alert as many accountants as possible to the obligations implied by automatic enrolment. 
Posted by
Julie Smith
30 September 2014
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