Payroll administrators report significant increase in ability to answer clients? auto enrolment questions
07 August 2015
The Pensions Regulator has published the findings of their latest research which tracks awareness of auto enrolment amongst employers and intermediaries, and how they are preparing to act.
Key findings from the intermediaries survey:
- There was almost universal (between 97% and 98%) awareness of automatic enrolment amongst all types of intermediaries, with bookkeepers similarly high (94%).
- The regulator was for the first time more likely to be recalled as a sponsor of advertising on automatic enrolment (70%) than the DWP (58%) and HMRC (44%).
- Payroll administrators reported a significant increase in their ability to answer clients’ questions, with 54% (up from 33%) believing they are fully able to answer queries. IFAs were most likely to report they could fully answer queries (63%), with fewer accountants (34%) and bookkeepers (20%) saying this.
- There are increasing proportions of intermediaries planning to act on behalf of their clients, as opposed to taking more passive roles of providing information or technical advice (payroll administrators 71%, IFAs 53%, accountants 44% and bookkeepers 42%).
- The vast majority (96% or more) of accountants, bookkeepers and payroll administrators planned to provide a service to micro employers, while most IFAs did (78%).
Key findings from the employer survey:
- Nine in 10 employers staging between August and November 2015 had commenced preparation for automatic enrolment.
- Seven in 10 small employers expected to rely on an adviser to provide practical assistance with automatic enrolment.
- Most (79%) employers staging in 2015 knew their staging date. A lower proportion (29%) of employers staging between January – November 2016 accurately knew their staging date, similar to the 30% of January – April 2017 stagers who knew their staging date.
- Awareness of automatic enrolment increased among micro employers, while understanding levels increased significantly amongst both small and micro employers.