It is the third birthday for Auto-Enrolment this month. Hurray! Or is it? Where are we with the workplace pension system?
According to The Pensions Regulator (TPR), active membership of occupational schemes is up by two million members and those employees who have opted out is lower than expected by the Government.
The good news – and the not so good!
The good news is that 57,907 companies have staged so far. However, and it’s a big HOWEVER, the number of employers who have already staged only represent 3% of employers who are due to stage before the programme ends in 2018. That means there is a swathe of businesses out there who have not signed up and may be postponing the process.
According to TPR, over 1.7 million employers are still yet to stage, with approximately 4.5 million employees to be enrolled into a workplace pension.
What’s stopping you from auto-enrolment?
As an employer there are probably quite a few factors that are acting as barriers:
Lack of time – let’s not beat about the bush, it takes time to get this set up by yourself
Lack of knowledge – what do I do when? How do I do it? Who is eligible?
It may seem confusing – band earnings, minimum contributions
Financial implications – both in setting up the process and contributing to employees workplace pension.
Seek advice – NOW!
If you are an employer and know that you need to implement auto-enrolment but have no idea where to start, then start with us. We can talk you through the process, save you time and provide independent advice to ensure that you and your employees are signed up to the most suitable pension for them.
Enrol My Staff is based in Fareham and cover the Portsmouth, Fareham, Southampton and the Hampshire area. Please give one of the Enrol My Staff team a call on 01329 559 130 or email email@example.com.
Source: To read more about this article, please visit citywire website http://citywire.co.uk/new-model-adviser/news/workplace-wins-or-woes-where-are-we-with-auto-enrolment/a847364