Pensions - Articles - 1 in 10 firms missing AE deadline

 Of these employers, 15% contacted NOW: Pensions within a month before their staging date while more than one in ten (12%) left it until after their staging date had passed. 

 At the other end of the spectrum however, nearly a third (31%) of firms signed up six months or more ahead of their staging date and 19% took action between three and six months in advance of their auto enrolment deadline. One in ten (10%) signed up two to three months ahead of staging and a further 12% got their scheme in place between one and two months ahead of their staging date.

 Morten Nilsson, CEO of NOW: Pensions said: “While growing numbers are listening to the regulator’s advice and planning well ahead for auto enrolment a worrying minority are missing the deadline altogether. Employers that miss their staging date face reduced provider choice and an uphill struggle to get back on track.

 “With over 500,000 smaller firms tackling auto enrolment this year, the challenge ahead is considerable. Recent research* we carried out showed that 63% of small employers are not confident when it comes to handling the administration of their pension scheme, and auto enrolment can be more challenging than people initially think, particularly for smaller companies that are less likely to have the support of specialist advisers.”