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Subscribe to this list via RSS Blog posts tagged in Auto Enrolement

We have all seen the adverts for work place pensions. It normally starts with a high profile executive declaring his commitment followed by a team of grateful employees approving. However it appears the marketing slogan should not have been “are you in” but more along the lines of “are you in time”. According to Jamie Jenkins from Standard Life only two thirds of employers have enrolled schemes in time between April and May. With a further 392,000 employers expected to enrol in the next 24 months, I fear it will not be long before The Pensions Regulator begins to take a heavy handed approach towards auto-enrolment. Pension providers have grown concerned that they are not seeing the expected amount of employers enrolling and worry that some have either buried their heads or simply do not understand their new obligation. Make no mistake whatever the case may be The Pensions Regulator will jump at the opportunity to make an example using daily fines in the thousands for none compliance.

 

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Business and Development Manager for Scottish Life Jamie Clark, has today been quoted in Money Marketing as saying " It is looking like the industry is going to be able to meet the auto-enrolment capacity crunch but for it to be a success it is vital that employers are convinced of the need to start preparing early." His focus on employers being under prepared for auto-enrolment and not fully understanding the implications for them is something we agree with. 

 

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