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05 Feb 2013

Less Than 50% Of Employers Have Confirmed Pension Provider Said NEST

Less than 50% of employers with a headcount of below 5,000 have confirmed who their pension scheme provider is ahead of the automatic enrolment staging date, the latest research by the National Employment Savings Trust (NEST) showed last week.

In 2013, when workplace pensions become mainstream in the private sector, following auto-enrolment last October, awareness of the changes amongst employers is high but confidence about the details is lower for many of them, according to the NEST.

Employers´ main concerns include the ease of administration and the choice of pension scheme. For the biggest employers, payroll integration, identification of workers eligible for auto-enrolment and enrolment issues in cases of high staff turnover are also key concerns. In addition, around 25% of the respondents to NEST´s survey said that they were worried about how to communicate the reforms to their workers.

Overall, nearly 50% of the employers with more than 5,000 workers who said they were ready for the reforms have devoted between 10 and 18 months towards the preparations for auto-enrolment. Meanwhile, almost all employers said that they expected to get help, with 98% of employers aware of auto-enrolment saying they had already sought or planned to seek advice, the data showed.

“Employers need to understand the needs of their workforce and what help will be available to them to meet their new duties,” NEST´s chief executive Tim Jones said.

The findings come as the research also shows that 63% of consumers agree with the idea of auto-enrolment in spite of thinking that the current economic environment is tough.

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