One out of every seven businesses has missed their staging date by failing to auto-enrol their employees into a workplace pension before the deadline – according to new figures released by Aviva, one of the UK’s largest pension providers*.
Their analysis shows that in the final quarter of 2016, 14% of businesses enrolling employees into one of their schemes did so after the staging date deadline had passed. This is 14 times greater than figures in the first quarter. They also found that 38% of businesses that did enrol on time did so at ‘the last minute’, and less than 48% prepared for auto enrolment in advance.
These results mirror those found by The Pensions Regulator during the third quarter of 2016 (sharp-increase-auto-enrolment-fines-july-september-2016).
Common excuses such as illness, being short-staffed or confusion between employers and their advisers are not considered ‘reasonable’. Anyone who thinks they are going to miss their staging date should call the Pension Regulator for help.
Employer Obligations & Options
Missed Staging Date