Automatic enrolment is “business as usual” for employers who report they spend less than an hour a month on their ongoing pension duties.
The Pensions Regulator’s (TPR) survey also shows the majority of employers are supportive of the increase in minimum contributions next month.
A third of small employers already pay above the minimum and even though it’s not a legal requirement, most employers said they intend to write to their staff about the changes.
Darren Ryder, TPR’s Director of Automatic Enrolment said: “Automatic enrolment is a fantastic opportunity for staff to start saving for the future and our report highlights that employers are playing their part in making it a success.
“We have worked hard to make automatic enrolment as straight forward as possible so it’s great to hear that employers can complete their ongoing duties quickly and easily.”
“It is also very encouraging to note that most employers accept that paying more in contributions will build on the success of automatic enrolment. Increasing contributions is an important part of boosting retirement outcomes and we want to make sure we build on the momentum already achieved.
To help employers with their communications to staff about the increases, TPR has published an online document template setting out what staff should know.
Mr Ryder added: “We want staff to get to know their pension and appreciate the benefits of workplace saving. Anyone who is concerned they are not receiving the correct pension payments should contact TPR.”
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