We have been working with our employers for months to ensure that they have everything set up for auto-enrolment and in plenty of time for their staging date.
I was talking to one of my corporate clients recently who said that he had been on an Auto-enrolment course and had been sitting on a table with another employer. The employer claimed that the training was his first step towards Auto-enrolment. My client was horrified to then discover that this employer had the same staging date as them - in a month’s time!
I won’t say that he felt smug that they had been preparing for months, but he was definitely relieved.
It is vital that employers prepare in advance for auto-enrolment as it is their responsibility to set up a scheme in time for their staging date. Not only that but insurance companies are also finding themselves under increasing pressure to get schemes ready in time.
The size of the companies that are approaching their staging date are getting smaller and so the number of schemes that the (already overstretched) insurance companies are having to deal with is ever increasing.
I worry that, at some point, employers who have left setting up their pension scheme until the last minute may find themselves with little or no choice as to which insurance company will accept them.
The answer is to get preparing for the inevitable “auto-enrolment” process in plenty of time to ensure you have the best options available to you.
For a no obligation meeting to help you start planning please give us a call: 01539 725855