7 Auto Enrolment Facts

February 18, 2015 By SGW Payroll | Blog

It’s important that you thoroughly understand what Auto Enrolment means for your business. If your staging date passes you by, you can incur a hefty fine.  If you are unsure when your staging date is find out here.

Fact one

Up to 40% of businesses have incorrectly estimated their staging dates (The Pensions Regulator)

Fact two

Of employers yet to stage, 83% do not yet have an active scheme in place (FT Adviser)

Fact three

It can take up to 12 months to prepare for your staging date (The Pensions Regulator)

Fact four

Only 18 per cent of micro [businesses] understand how [auto enrolment] will affect their business and not all will have the payroll software they will need (David Nash, Federation of Small Businesses)

Fact five

A total of 166 Fixed Penalty Notices (£400 fines) were issued in the last three months of the year (The Pensions Regulator)

Fact six

45,000 employers are scheduled to stage for 2015 and only 22 per cent of accountants have finalised their auto-enrolment proposition (FT Adviser)

Fact seven

More than 1,300 compliance notices were handed out toward the end of 2014. (The Pensions Regulator)

 

Don’t feel your company is ready for Auto Enrolment? Chat to one of our consultants for a no-obligation chat about your needs on: 01270 500 599

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