Aviva study shows one in five businesses have not set up a workplace pension by their staging date
- Credit: Nick Butcher
The proportion of UK businesses setting up their workplace pension after their staging date has passed has reached a record high, according to an insurance firm.
The study by Norwich-based Aviva showed that between April and June 2017 almost one in five (18%) employers applied to set up their workplace pension with the company after their staging date, which is given to them by the pension regulator, had passed.
This compares to just 1% of firms applying after their staging date in the first three months of 2016.
Aviva said those businesses put themselves at risk of a fine for not complying with auto-enrolment regulations if they miss their deadline, five months after the staging date, and can limit their options when choosing a workplace pension as not all providers will accept 'late stagers'.
Andy Beswick, managing director of business solutions at Aviva, said: 'If there are employers who have been putting it off, now is the time to take action.'
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Legislation changes from October this year will see staging dates abolished, with any new company starting up expected to set up its workplace pension as soon as it takes on an employee.
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