Auto Enrolment – The Statistics One Year On
1st of October marked the first anniversary of Auto Enrolment and the government’s workplace pension reform. Due to the average size of companies in Northern Ireland we are only beginning to see companies taking action and getting prepared for Automatic Enrolment so it is worth looking at the stats so far from across the UK in our handy infographic.
Source: Professional Pensions – Figures correct as of 1/10/13
As of the 1st October these are the numbers that define Automatic Enrolment.
|Employers staging between Jan-Jul ’14||29,000|
|Overall opt-out rate according to the DWP||9%|
|TPR investigations into non-compliance||89|
|TPR warning letters||38|
|TPR compliance notices||1|
|Estimated set-up costs for all employers||£15.4bn|
|Proportion of employers using the NEST who spent more than 10 months preparing for AE||53%|
It is clear that things are only beginning to heat up so if you need some help with preparing your company for auto enrolment then call us on 02895 815000 and get prepared as early as possible. It can take over 6 months to prepare for auto-enrolment and some pension providers won’t even consider companies with less than this to their staging date.