The Pensions Regulator has warned tens of thousands of smaller employers they must prepare for their automatic enrolment duties now.
Latest research published by the regulator demonstrates that while levels of awareness of auto enrolment are high among employers, more than 20 percent of those due to stage between June 2015 and November 2015 had not yet set out plans to meet their responsibilities.
Every employer is given a staging date set in law when their duties start. The regulator recommends employers should start to prepare for auto enrolment 12 months before this date.
The employer survey carried out in November last year displayed that more employers are familiar of their staging date due to letters sent by the regulator informing them of their duties, but some remain ignorant. 8 in 10 medium and small employers have sought advise or will do.
The research also discovered that a near universal level of awareness of auto enrolment among intermediaries while many also understood the main elements of the reforms, a move welcomed by the regulator as more businesses say they will depend on specialists to comply with their duties.
Sadly, accountants and bookkeepers have the least level of knowledge about automatic enrolment.
Executive director for automatic enrolment, Charles Counsellsaid: “While it is encouraging to see that awareness of automatic enrolment is improving, there are still too many employers failing to identify their staging date. As hundreds of thousands of small and micro employers prepare to stage in the next two years, we cannot be complacent”.