More business start-ups and fewer firms going out of business mean that half a million more small and micro employers will have to comply with auto enrolment than was originally estimated.
Cullen’s Head of Auto Enrolment, Karen Robinson, said: “It’s clear that more firms need to comply with this legislation and we are being advised that companies need to plan at least six months ahead of their staging date, to avoid pension providers not having capacity to meet their needs.”
Charles Counsell, the Pension Regulator’s executive director of automatic enrolment, said: “The pensions sector will need to plan for larger numbers reaching the start of their duties. Thanks to auto enrolment, saving for retirement is becoming the norm and we know most employers want to do the right thing by their staff.”
Not all companies need comply
However, there are certain situations where a company may not have any auto enrolment (AE) duties and for a small fixed fee, we are able to verify this, explain how to implement AE in the future, and then inform the Pension Regulator that a company has no duties.
For more information about how we can help you with this contact us on 0161 975 6700.