PENSIONS – AUTOMATIC ENROLMENT/AUTOMATIC ENROLMENT
Synopsis: TPR publishes updated forecast of employers who will be subject to AE over the next 4 years.
Date posted: Wednesday, January 29, 2014
The Pensions Regulator has published an updated forecast of the number of employers due to become subject to automatic enrolment duties over the next four years to help the pensions industry prepare to meet their clients’ needs.
The forecast is aimed at assisting pension and payroll software providers, and financial and business advisers with capacity planning.
It underlines the scale of the challenge ahead, with around 30,000 medium sized employers reaching their ‘staging dates’ between this April and the end of the year.
The numbers show a significant increase to the volumes of employers who have staged previously. At the start of this year, a total of 5,431 employers had completed a declaration of compliance, by registering with the regulator that they had met their duties.
The numbers should not, however, be a surprise to pensions and payroll software providers and advisers. The regulator has for some time been discussing with them how they are working to meet growing demand both in 2014 and beyond.
This week has also seen the start of the latest wave of advertising, in newspapers, radio and online aimed at raising awareness of the changes to workplace pensions and the actions employers need to take.
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