Don’t miss your auto-enrolment staging deadline
A rising number of small employers are missing their auto-enrolment staging deadline, a new study has shown. FSB Workplace Pensions highlights the importance of being prepared and planning ahead.
A quarter of companies are missing their auto enrolment staging deadline
A recent study shows that the number of companies missing the auto-enrolment staging date rose to 25 per cent in the first quarter of 2017, from 18 per cent at the end of 2016.
Of the companies that signed up with FSB Workplace Pensions in the first quarter of this year, nearly half did so either very close to or shortly after their staging date deadline had elapsed. However, around 35 per cent of small firms had planned a clear six months or more ahead of their staging date. Not surprisingly, it is the latter group that found the process significantly less stressful.
Tim Gosling, policy lead at the Pensions and Lifetime Savings Association, said “So far the Pensions Regulator’s approach to enforcement has been sensible and proportionate, but employers are better off preparing in good time than relying on the goodwill of the regulator”.
Sam Baker, senior partner at FSB Workplace Pensions, is not surprised that there has been an increase in the number of employers missing the auto-enrolment staging deadline. He said “most businesses that are going through auto-enrolment haven’t got a workplace pension currently, and don’t know where to start when researching the market”.
Even if there are a few months until the deadline, FSB members should give themselves time to plan and visit the FSB Workplace Pensions website ( http://www.fsbworkplacepensions.co.uk/ ) where you can start to look at what you need to do and when.