Anyone starting a business or hiring new staff from this October will have instant auto-enrolment duties to fulfil, according to The Pensions Regulator (TPR).
All businesses set up before April 2012 have now passed their staging date, while the majority of businesses reaching their staging date this year are confident they will comply with their duties.
Out of 476 respondents, 86% of employers who staged between January and April were aware of auto-enrolment, followed with 79% staging between May and November and 65% in January 2018.
- 65% of small businesses and 56% of micro employers fully understood their duties
- 60% who staged between January and April knew how many of their staff they need to enrol, compared to 47% staging between May and November and 43% due to stage in January 2018
- 70% who staged between January and April believe auto-enrolment is a good idea for their staff, along with 69% staging between May and November and 81% due to stage in January 2018.
Charles Counsell, executive director of auto-enrolment at TPR, said:
‘”More than seven million [workers] are now saving into a workplace pension and auto-enrolment is now simply part of running a business.
“From October, as soon as you take on staff you will have duties towards them. Anyone setting up a business and taking on staff will need to work automatic enrolment into their plans.”
Contact us to discuss your auto-enrolment duties.