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Auto Enrolment – The Statistics One Year On

Auto Enrolment, Business
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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.

Auto Enrolment - One year in

Source: Professional Pensions – Figures correct as of 1/10/13

As of the 1st October these are the numbers that define Automatic Enrolment.

Employers auto-enrolled 2,256
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.

About Ciaran Scullion

I am a Financial Planner and Mortgage Adviser. I provide Independent Financial Advice through my company From Acorns Financial Planning Ltd to personal and business clients throughout Northern Ireland from my base in Tyrone, Mid Ulster.

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