Other automatic enrolment findings from the report include:
More than 33,000 employers, across one three month period, submitted their online declaration on time - three times more than all large employers 787,000 letters raising awareness of automatic enrolment were dispatched in 2014-2015 TPR received over 175,000 inbound contacts from scheme members, trustees, employers and advisers about a range of issues 57,635 subscribe to TPR’s news by email service
Read the full report on TPR's website
Half a million more SMEs to have auto enrolment duties than estimated 28 July 2015
According to recent analysis, more business start-ups and a lower number of closures mean around 500 thousand more SMEs will have automatic enrolment duties than previously estimated.
The new figures, published in The Pensions Regulator’s (TPR) third annual automatic enrolment commentary and analysis , show that a total of around 1.8 million small and micro employers will need to meet their pensions duties over the next three years, compared to the previous estimate of 1.3 million. The estimates shows the summer of 2017 will see a peak of around 350,000 small and micro employers whose automatic enrolment duties will come into effect (compared to earlier predictions of a peak of around 220,000 in mid-2016). The report illustrates changes and trends in the pension landscape and that saving for a pension is becoming the norm thanks to automatic enrolment. It shows that most employers are now choosing to use DC pension schemes with a relatively even split between trust-based schemes and contract-based schemes.
Other key information in the report includes:
By the end of March 2015, a total of 5.2 million eligible job holders were automatically enrolled by around 50,000 employers. 74% were employed by large organisations, 25% by medium and 1% by small and micro employers.
68% and 64% of small and micro employers respectively plan to seek help with automatic enrolment from a business adviser with accountants and IFAs likely to be the most commonly used.
Among small and micro employers who were due to reach their staging dates in June this year and who were surveyed two months before their staging date, 96% were aware of automatic enrolment and 89% understood them.
Over the year, around half of all employers (52%) who have completed their declaration of compliance have used postponement.
In the year to the end of March 2015 TPR used their formal powers on 1,941 occasions, in relation to 2,082 cases. They issued 1,518 compliance notices, 16 unpaid contributions notice and six statutory inspection notices.
How to use payroll software for automatic enrolment 4 August 2015
The Pensions Regulator has produced another short video in their series for business advisers, covering top tips on how to run payroll processes for auto enrolment.
The Regulator has produced a number of short videos to communicate key auto enrolment messages, aimed at business advisers and employers. They are available on TPR’s You Tube Channel and include:
For employers
CIPP Policy News Journal
25/04/2016, Page 326 of 453
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