Only 15% of respondents that have to comply with auto-enrolment legislation in the next 12 months felt they are sufficiently qualified to manage their responsibilities, according to research by Creative Auto Enrolment.
Its research, which surveyed 505 business decision makers in organisations with between 50 and 250 employees, found that 40% of respondents admitted to being in the dark about all the tasks involved in complying with auto-enrolment legislation.
Two-thirds (66%) said that choosing a pension provider and a plan for employees’ savings is one of their most worrying tasks.
The research also found that 36% of respondents cited an overall lack of understanding as the biggest barrier to auto-enrolment compliance, while 30% cited lack of resources and 25% cited time.
More than half (52%) of respondents estimated that preparing for their staging date has taken, or will take, more than 10 weeks in terms of the total hours involved.
One in six (15%) do not know when their organisation’s staging date is.
David White (pictured), managing director of Creative Auto Enrolment, said: “It’s now 18 months since the first employers staged, but it’s clear from these findings that lessons are not being learned.
“Unfortunately, it’s not a surprise. We are getting calls on a regular basis from organisations that are completely unprepared for their staging dates, or have even missed them.
“Auto-enrolment is one of the biggest legislative changes that employers have had to deal with for years, and a massive burden for business owners, yet the government has just not provided adequate support.
“Employers yet to stage need to ensure that auto-enrolment is firmly on their radar screens to avoid the hefty fines associated with non-compliance.”