28 February 2013
Employers have become more aware about the automatic pension enrolment scheme, research has concluded.
Awareness among all sizes of businesses has increased since the Pensions Regulator last carried out research in spring last year.
Improved knowledge on the issue is just as well considering that, over the next six years, more than 1.3 million UK employers will have to abide by new laws which require them to enrol workers into pension schemes and make contributions.
Bill Galvin, the Pensions Regulator's chief executive, revealed that Britain's largest employers have taken well to automatic pension enrolment and that companies of all sizes believe that auto-enrolment is a good idea and feel that they will be prepared for when it becomes applicable to them.
However Mr Galvin warned against complacency and insisted that it pays to prepare for auto-enrolment as early as 18 months before it comes into effect.
He added: "Making the important decisions about what pension product will be used and what software will support the administrative processes is vital if employers are to get ready in time."
Copyright Press Association 2013
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