One in six employers that went through auto-enrolment in 2014 completed their application either very close to their staging date or after the deadline had passed, according to new figures from Now: Pensions.
Of the 4,279 companies that signed up with it in 2014, 17 per cent left it until the last minute or missed the deadline. Now: Pensions says 9 per cent of its customers contacted the provider in the month of their staging date while a further 8 per cent left it until after their staging date had passed.
Now says 29 per cent took action a month before their staging date, but only 20 per cent signed up six months or more in advance of staging – the timescale recommended by The Pensions Regulator.
Now: Pensions CEO Morten Nilsson says: “While employers are being encouraged to get their auto enrolment plans in place early, the reality is a large proportion are leaving it late or missing the deadline altogether.
“For some, this is simply due to lack of planning and preparation, while for others, it’s due to being let down at the eleventh hour by another provider.
“While we accept all employers and are happy to help those who’ve left it late, we strongly recommend that employers follow the regulator’s advice and make their provider selection as early as possible to avoid unnecessary stress.”