Aviva data shows 25% of businesses missed auto enrolment staging date in third quarter
- Credit: Lloyd Sturdy/VisualMedia
A quarter of businesses setting up their workplace pension with a Norwich insurance group missed their staging date in the last quarter.
Data from Aviva showed 25% of businesses applying for their workplace pension with the company between July and September did so after the date set for them by government watchdog the Pensions Regulator.
Its research also found more than half (56%) of businesses were applying at the last minute – less than two months before their staging date.
Employers who miss their staging date – the first date they have to comply with auto enrolment requirements – put themselves at risk of a fine and limit their options as not all pension providers will accept 'late stagers'.
Figures from the Pensions Regulator show it handed out almost 4,800 fines of £400 each to businesses which had failed to comply with auto enrolment obligations in the second quarter of 2017.