The proportion of UK businesses setting up workplace pension schemes after their 'staging date' has passed has hit a record high, according to data accumulated by Aviva.
The pension provider said almost one in five (18%) businesses applying to it for a workplace pension missed their staging date provided by The Pension Regulator in the second quarter of 2017 - the highest percentage on record. Businesses that miss their final deadline - five months after the staging date - are at risk of a fine for not complying with auto-enrolment regulations. Missing the staging date may also limit a business' options when choosing a workplace pension, as not all providers will accept ‘late stagers'. Aviva said in the first three months of 2016 just 1% of employe...
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