Auto-enrolment is in full flow now. The Pensions Regulator estimates that in 2017, over 600,000 businesses will need to have a workplace pension in place for their staff. Yet increasingly, business owners are leaving it to the last minute to begin their preparations for auto-enrolment.
Data from pension provider Aviva shows that as of Q4 in 2016, 50% of small and medium-sized businesses don’t begin looking at auto-enrolment until two months or less before their staging date. These are worrying figures as this head-in-the-sand approach to auto-enrolment puts extra pressure on business and could even have financial consequences.
In this blog post, Aviva shares some insights on the problem and explains how as a Pension Provider they are helping businesses to prepare either directly, or via their professional advisors.
Don’t risk a fine for missing your staging date
Leaving it late to auto-enrol staff into a workplace pension is risky. The Pensions Regulator is keeping a careful eye on auto-enrolment with the number of fines being issued on the rise. Those fines could run to thousands of pounds, money few businesses can afford to lose.
Using the latest figures from The Pensions Regulator, the table below shows the percentage increase since auto-enrolment was introduced in 2012:
|Up to Sept 2015||Up to Sept 2016||% change|
|Unpaid Contribution Notice||145||904||+523.45%|
|Fixed Penalty Notice||582||6779||+1064.78%|
|Escalating Penalty Notice||7||741||+10485.71%|
With auto-enrolment already putting more pressure on business costs, the last thing a business needs is to add to that financial burden with a fine, particularly when they are easily avoided.
Helping late stagers whenever they come to us
Even with reminders from their payroll partners or accountants, some businesses will still start looking at auto-enrolment late in the day – perhaps panicking slightly – because their staging date is almost here.
The good news is that it’s not too late as we are on hand to help. The process of setting up a workplace pension with Aviva is exactly the same whether you come to us six months early or have missed your staging date completely; it’s the same simple, efficient service.
Our online proposition means you’re not restricted to 9 till 5 so even if staging is the next day, it’s still not too late to get everything set up.
Key reasons to choose Aviva’s workplace pension
- We offer terms to businesses of all sizes, even if there is only one employee.
- We’re small business specialists.
- Our workplace pension meets and exceeds all of the requirements of a qualifying workplace pension scheme.
- You can start your auto-enrolment journey in less than 10 minutes with our online quote and apply.
- We provide setup support through our Pensions Training Centre.
- We’re fully integrated with pensionsync and compatible with all other major payroll providers including Qtac Payroll Software.
- We won Workplace Pension Provider of the Year at the 2016 Payroll World Awards.
Don’t just take our word for it
We let our customers do the talking, see what a few of our many thousands of customers have said about our workplace pension by reading some of their testimonials.
To find out more about how we can help both business either directly or in conjunction with their business advisors, visit our website here.
You can also speak to one of our experts by calling 0800 151 2554 or emailing email@example.com.