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Employee Benefits News

Latest News
10 Feb 2014

Businesses Need Assistance With Auto-Enrolment, Study Suggests

The majority of financial experts and advisers believe that British employers are not engaged enough with the impending auto-enrolment reforms, a new study by research organisation Defaqto has revealed. Considering the fact that thousands of UK businesses will have to implement the reforms before the end of 2014, the findings from the study highlight the need for better awareness among employers.

Almost nine in ten financial advisers believe that employers are not educated well-enough about the future reforms, and this may be an obstacle for making informed decisions about the most appropriate pension scheme they should provide for their staff.

Moreover, 95% of respondents are concerned that not enough is being done to help employers understand the long-term implications of auto-enrolment. When asked whose responsibility it is to educate employers on the pension system reforms, 77% said the government and 75% said The Pensions Regulator. Nearly one in four of those polled believe providers should be taking an active part in raising awareness among businesses, Employee Benefits website reports.

It is clear that employers need assistance to fully understand what auto-enrolment means to their business and how they should prepare for the reforms. Help should come from the advisory community, but it is essential that The Pensions Regulator and providers need to work together to facilitate the transition and prevent businesses from falling into compliance traps, the authors of the research commented.

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