Two-thirds (67 percent) of payroll professionals said they are not at all ready for the 2012 pensions reforms, according to a recent online poll by the Institute of Payroll Professionals (IPP).
Another interesting finding reveals that only a quarter (25 percent) of respondents said they know what has to be done and by when, therefore their preparations are underway but they are not quite there yet. Shockingly, only seven out of the 100 people who participated in the survey said they are all set and ready to go, despite the continued efforts to publicise the upcoming changes and requirements by the National Employment Savings Trust (NEST) Corporation and the Department for Work and Pensions (DWP).
Karen Thomson, Associate Director of Policy, Research and Strategic Visibility of the IPP, said: “Worryingly, the results of our online poll show that the majority of businesses are not yet at a stage where they are prepared to fulfil their new duties under the Pensions Act 2008. Therefore, the Institute encourages payroll professionals to speak to their employer as soon as possible about ensuring plans are in place for 2012 and beyond.
“The IPP will be hosting more pensions-related events throughout next year to help organisations understand their obligations under the legislation. In addition, the NEST Corporation is keen to provide its support and guidance and will visit employers on request to talk them through the forthcoming changes.”
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