Over 50% of accountants are unable to answer auto enrolment queries
According to recent research by The Pensions Regulator, over half of accountants quizzed stated that they are only partially able to answer auto enrolment queries from their clients.
The research states that the main issue was that the accountants did not have the in-house expertise or resources needed to give clients help with the more technical aspects of auto enrolment.
What’s more interesting, over 90% of those surveyed explained that they have been approached by at least one client regarding an auto enrolment query.
The Pensions Regulator estimates that 570,000 smaller businesses will stage for auto enrolment over the next 12 months, and because of this demand, accountants and financial advisors have become key intermediaries for auto enrolment information. Businesses are approaching their contacts to help them prepare for and manage auto enrolment, and it’s important for compliance reasons that the information they receive is correct and reputable.
Petaurum Solutions’ Comment
Complying with complex Auto Enrolment obligations can be a daunting prospect for many small and micro-sized business. Choosing a cost effective, long-term implementation solution is critical for these businesses to ensure they do not become swamped with the processing requirements and responsibilities that Auto Enrolment can bring. Therefore, for businesses considering their solution, focus should not only be on the pension scheme, but also on how it will be administered, methods to communicate, impacts on systems and data collection processes along with any HR and Legal changes may you need to make.
Our Defaqto 5* quality Carey Master Trust Pension Scheme, comes with best in class assessment and communication software and is part of our SME specific, competitively priced end-to-end solution that will take care of the above, leaving you free to manage your business safe in the knowledge that your Auto Enrolment obligations are in professional hands. Want to know more? Then feel free to download our info pack here, or contact us to secure your PAE future.
If you’re an accountant and would like to discuss a partnership approach to support your clients, please let us know.
This information is intended as a general overview and discussion of the subjects dealt with. The information provided here was accurate as of the day it was posted; however, the law may have changed since that date. This information is not intended to be, and should not be used as, a substitute for taking legal, HR or benefits advice in any specific situation. Petaurum Solutions is not responsible for any actions taken or not taken on the basis of this information. Please refer to the full terms and conditions on our website.