23rd July 2015
Almost a third of firms that had their auto-enrolment staging date in Q2 2015 completed their application at the last minute or missed the deadline, NOW: Pensions has revealed.
The survey of NOW: Pensions customers found that 32% of companies completed their application to the pension scheme close to their staging date or after the deadline had passed.
Of these companies:
- 19% contacted the provider within a month of their staging date
- 13% missed the deadline completely.
Many companies were more prepared to comply with auto-enrolment. 3 in 10 applied to the scheme more than 6 months ahead of their staging date while 16% registered 1-2 months before the deadline.
Morten Nilsson, chief executive of NOW: Pensions, said:
"So far this year a good number of employers are planning ahead, but those coming on board early are typically receiving support either from intermediaries or payroll providers. However, our research shows that as time goes by, an increasing number of smaller companies will be navigating auto enrolment without the benefit of an expert guide.
"Many could face fines if they are late either through lack of knowledge or because they believe their current provider will accept them, which they may not."
Missed your staging date?
Failing to comply with your auto-enrolment duties and missing your staging date can trigger statutory notices, fixed penalties and court action.
After missing your staging date, it's important that you contact:
- The Pensions Regulator
- a suitable workplace pension scheme operator
- your payroll provider.
Contact us for more information about complying with auto-enrolment.