Awareness of automatic enrolment 100 per cent among payroll administrators
30 March 2015
It is very encouraging to see that findings from the adviser survey show that 100% of payroll administrators surveyed are aware of the pension reforms.
The Pensions Regulator has published findings from the latest waves of employer and intermediary tracker research.
Key findings from the employer survey include:
- Awareness remained very high among smaller medium employers (97%), high among small employers (86%) and lowest amongst micro employers (65%).
- Among those staging between June and November 2015, over two thirds (69%) knew their staging date (an improvement from 43% in spring 2014).
- Eight in ten employers staging between June and November 2015 have commenced preparation to meet their automatic enrolment duties.
- Awareness increased significantly among those staging between June and November 2015 from 85% to 95%. A main cause of this is likely to be that all employers with these staging dates would have received at least one direct written communication from the regulator since the last survey wave informing them of their automatic enrolment duties.
- Eight in ten smaller medium and small employers have consulted an adviser or will do so. Two thirds (65%) of micros will also consult an adviser, with IFAs and accountants the main types used.
Key findings from the adviser survey:
- There was an almost universal level of awareness of the reforms among intermediaries, ranging from 95% among accountants to 100% among payroll administrators.
- Most intermediaries also understood the key elements of the reforms, with IFAs (96%) and payroll administrators (95%) having the greatest level of understanding, while bookkeepers (70%) and accountants (77%) continued to have the lowest.
Both surveys are available in the research and analysis section of the Regulator’s website: