Auto Enrolment – 1 in 4 missing their staging date.

Auto-enrolment rules require employers to prioritise pensions as soon as they take on new employees.

However, according to recent research firms are becoming complacent with their workplace pension duties, with the number of applications made after the deadline rising 7% on Q2 2017.

56% of employers left auto-enrolment duties to the last minute, resulting in 25% of workplace pensions set up in the month of staging and 31% a month prior to staging. Start-ups, or sole traders beginning to take on staff, must put their pension scheme in place as soon as they hire their first employee.

Leaving it to the last minute will limit the choice on offer, especially as not all pension providers will take on ‘late stagers’.

Firms who fail to meet their staging date run the risk of being fined £400 by The Pension Regulator, which collected £1.92 million from 4,800 fines in the second quarter of 2017.

If you would like to discuss any aspects of Payroll or Auto Enrolment in more detail please contact our Payroll team on 01460 68700 or email payroll@lentells.co.uk