The Pensions Regulator has published research which suggests one in five (290,000) employers will not seek advice when choosing a pension scheme, despite the incoming workplace pensions for all. On top of this one in ten (130,000) do not know how to select a scheme, or think it will be difficult.
These findings chime with the research of business software and services provider Sage UK, which found a third of staff do not know how this key legislation affects them.
Jonathan Dowden, Pensions Expert at Sage UK said:
"Taking the initiative to make Auto Enrolment as clear and easy as possible for small and micro businesses will help the thousands of firms which feel like they are still in the dark. As well as finding out your staging date, finding an appropriate pension provider is one of the most important steps.
"Sage's own research has found a third of staff do not know how this legislation affects them - so with staging dates on the horizon for many there is still a big task at hand.
"It is recommended that firms spend at least 12 months preparing for the changes - so this added resource will be a welcome move for many small firms. While getting up to speed with this legislation is vitally important, they must also ensure their back-office processes are in order. You can take the heavy lifting out of Auto Enrolment with a robust payroll systems software which integrates the administration into the regular payroll process."
