2016: Over half a million companies staging, are you ready?

2016 – What’s in store? 

Circa 512,000 companies to stage this year! These companies employ well over 1,250,000 people.

This is a colossal number of companies, roughly 10 times the number of companies that have staged since auto enrolment started over 3 years ago in October 2012.

The culmination of the numbers staging and the ever-reducing size of the companies mean it may be a challenging year for many employers.

According to research undertaken by the Federation of Small Businesses: 

Nearly half of small businesses subject to auto-enrolment are unclear on the rules.

Furthermore, the FT reported:

Around 45% of 1,000 firms surveyed did not understand their responsibilities.

This is a level of pension taken up not previously experienced and as a result it will test the industry to its limits. 

So if you’re staging in 2016 what should you do?

  • Get ready early; you don’t have to wait until your staging date to secure a pension scheme.

  • Keep things simple

  • Look for automation

  • Ask for help if you want it, we're always happy to answer questions: info@parsonagefinancial.co.uk

Parsonage

  • Simple sign-up – electronic signature / online ID verification

  • Fully compliant documentation suite

  • Transparent low-cost charging

  • Requires only one piece of admin per pay run

  • Automated staff correspondence

  • Technical training and support

  • Open to all employers and employees

  • No minimum member numbers

  • Award winning default fund

  • Automatic 3 month postponement

  • Contributions based on qualifying earnings

Duncan Farrar