Even though Auto Enrolment and workplace pensions commenced in October 2012, it is only now that it is becoming a reality for vast swathes of businesses and some of the implications of running such schemes are coming to light. For many, the staging date has crept up on them and they have seriously underestimated how much planning is involved in setting up qualifying schemes.
As higher volumes of businesses approach their staging dates, the pressure on pension companies increases, in turn decreasing their ability to process pensions. So knowing when you need to comply and starting to plan as soon as possible is essential.
