Pensions - Articles - Smaller firms getting in early for auto enrolment

 But, despite an encouraging proportion planning ahead, over a quarter (26%) completed their application either very close to their staging date or after the deadline had passed.

  

 Of these employers, 18% contacted NOW: Pensions in the month of their staging date while 8% left it until after their staging date had passed.

  

 Nearly a fifth (16%) took action between one and two months ahead of their staging date, while 12% took action two to three months ahead of staging. A further 14% signed up with NOW: Pensions between three and six months in advance of their auto enrolment deadline.

  

 Morten Nilsson, CEO of NOW: Pensions said:

 “So far this year an encouraging proportion of employers are listening to advice and planning ahead for auto enrolment. But, there’s no room for complacency as a significant number are still coming on board late or missing the deadline altogether.”
 Research* NOW: Pensions recently conducted with firms yet to stage revealed over a quarter (27%) haven’t given any thought to how they’ll go about finding a pension provider, down from 44% in 2014**. One in ten (12%) are going to search the market and do the research themselves, up from just 4% of firms surveyed in 2014.

  

 Morten Nilsson continued: “As smaller and smaller companies reach their staging dates, the number making provider decisions without advice is inevitably going to grow. The Pensions Regulator (TPR) has a duty to support these employers, guiding them to a range of high quality, low cost providers that are happy to accept their business.”

  

 For employers that have missed their staging date, NOW: Pensions has put together a simple five step guide to help them get back on track here