Over six million UK employees now auto-enrolled in a pension scheme
Is your business auto-enrolment ready? The Pensions Regulator has reported a 95% auto-enrolment compliance rate among small businesses
UK businesses have now automatically enrolled more than six million of their employees into a workplace pension scheme, The Pensions Regulator has reported today.
In the report, The Pensions Regulator confirmed that 95% of small and micro-employers have complied with their auto-enrolment staging date so far with around 110,000 employers thought to have been through the whole process.
However, as Charles Counsell of The Pensions Regulator has commented, “The job is not yet done and there are still significant challenges ahead” with smaller businesses (employing 30 staff or less) either going through the auto-enrolment process or set to stage.
Earlier this month, research from NOW: Pensions suggested that over a fifth of businesses missed their staging dates in the first half of 2016; risking hefty fines and even court action.
To find out how auto-enrolment applies to you and what you can do to ensure your business is auto-enrolment-ready, click here.