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.
- 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.”