The majority of employers are leaving it too late to get advice on preparing for and complying with auto enrolment, research by NOW: Pensions has found.
A survey of 244 financial advisers found that 72% said employers are not leaving enough time to take advice before their staging date.
An employer’s staging date is the day they must begin automatically enrolling eligible employees into a workplace pension scheme. More than 1.2 million small and micro businesses will start staging from June 2015 according to government estimates.
The survey found:
• half of the advisers surveyed said firms have come to them close to their staging date
• 22% said firms have come to them very close to and after their staging date
• 87% said that many employers don’t have the knowledge to make informed decisions about auto-enrolment.
Morten Nilsson, CEO of NOW: Pensions, said:
“While auto enrolment has been successful so far, it is important that smaller employers and the industry do not get lured into a false sense of security.
“We urge those who will begin staging next year, to plan ahead.”
Contact our specialists so you can start preparing for auto-enrolment. You should start preparations 6 months in advance to ensure you are organised and comply fully with the legislation.