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28 Jul 2014

All Large UK Businesses Complete Auto-Enrolment

All of Britain´s largest employers have now completed their automatic enrolment procedures, with 99% of the large businesses in the UK acting in full compliance with the rules, according to a new report by The Pensions Regulator (TPR).

The automatic enrolment: commentary and analysis report 2014, reveals data on the completed stages of the scheme over the past fiscal year. Between April 2013 and March 2014, some 10,817 employers filed their declaration of compliance, stating they have complied with their duties to enrol employees in workplace pension schemes. Of these, 785 employers were referred for investigation for potential non-compliance, with more than three-quarters of those cases requiring no further action and closed without regulatory intervention.

The majority of businesses that completed their auto-enrolment procedures opted for defined contribution schemes, whereas less than a quarter chose a defined benefit or a hybrid scheme to enrol their employees in. More than half of businesses (56%) of those that selected defined contribution schemes used a DC master trust, enrolling 51% of their staff in such trusts.

According to the report, some 4,590 of employers took advantage of the option to postpone the assessment of their workers, and used a delay of up to three months after their staging date.

Charles Counsell, executive director for automatic enrolment at TPR, commented that the past year had brought “plenty of good news” linked with automatic enrolment, as almost all employers embraced the changes and made sure they effectively communicated the need for reforms to their employees.

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