The National Employment Savings Trust (NEST) recently reported that in 2016 alone, half a million employers are going to need to auto enrol their staff.
Although some may choose to deliver auto enrolment on their own, we know the majority are likely to look for help. With many employers turning to their accountants to help with their auto-enrolment, the Pension’s Regulator announced that an additional 500,000 employers need to comply so the demand on accountants will soar.
Recent research conducted by NEST into auto enrolment and the sort of small employers who are now staging in large numbers, found that almost two thirds of small employers are looking for a pension provider that offers the flexibility to outsource auto enrolment processes.
Some employers want to manage auto enrolment in-house, but it is clear that others want to set it up and then hand over the reins to a third party. There are many employers who want to outsource the whole process entirely. What’s important is that these employers have the choice and flexibility to outsource and to do this easily and effectively.
Research shows that 42 per cent of accountants are either currently offering an auto enrolment related service or are planning to do so soon. With 45,000 small and micro employers staging this year, we would recommend that now is the perfect time to consider approaching your accountant to see how they can assist.