Businesses Miss Auto-Enrolment Deadline

The number of businesses setting up their workplace pensions after their auto-enrolment staging date has increased in the last year, according to research by Aviva.

16% who have applied for a workplace pension through Aviva did so after their staging date, up from 1% in Q1 2016.

25% made preparations more than 2 months in advance from their staging dates, the lowest on record.

Further findings:

• 31% made preparations in the month before their staging date in Q1 2017, compared to 35% a year ago
• 16% made preparations in the month of their staging date, compared to 17% 12 months ago.

Andy Beswick, managing director of business solutions at Aviva, said:

“SMEs tend to be less well-resourced and aren’t blessed with large HR departments or budgets to help them through their auto-enrolment journey.

“What the figures do highlight is that there is still work to be done to make business owners aware of their obligations.”