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100,000 employers have now signed up with NEST, many ahead of their staging date
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Large household names have been joined by smaller employers as auto enrolment continues to roll out
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So far, up to 850 employers have signed up to NEST in a single day - but this is still early days with around 1.8m employers still to comply with their auto enrolment duties
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Technology is ‘essential’ to working at such high volumes, says NEST
NEST CEO, Helen Dean, says the number of smaller employers getting prepared to meet their duties is a sign of strong levels of engagement.
Auto enrolment still has quite a way to go, however, with 1.8 million employers set to meet their duties in the next couple of years. NEST estimates that it could see the number of employers rise to well above the current peak levels of 850 employers signing up in a single day.
NEST has highlighted the need for technical innovation to safeguard the continued success of auto enrolment. According to NEST, technical innovations such as web services and NEST Connect, along with support from third parties, are the key to helping the high volumes of small businesses set-up auto enrolment.
Commenting on the milestone, Helen Dean, CEO of NEST said: ‘The growth in employers signing up with NEST is astounding, with many getting to grips with their duties well ahead of their staging date.
‘This shows that there are some early bird employers who are engaged with the reforms and taking real steps to do their part, but this is just the start. With 1.8m employers still to be affected by the duties we’re in the foothills of a very large mountain.
‘There’s a lot more work to do, both for NEST and for everyone involved in helping employers implement auto enrolment.
‘Employers are using a number of implementation routes – including signing up directly via the website, taking advantage of new payroll integration technology or using the services of third parties to administer their scheme for them. It’s encouraging to see they are engaging with their duties and that our systems are coping well. Our scheme administrator, TCS, is doing an excellent job.
‘Along with other auto enrolment providers and other organisations helping employers, we’re proud of what’s been achieved so far. Working together, I’m confident that auto enrolment will continue to be implemented successfully.’
Minister for Pensions, Baroness Ros Altmann, said: ‘This is a welcome announcement from NEST as they are a key partner in the continuing success of Automatic Enrolment, especially as the policy extends to small and micro employers.
‘Our pensions revolution is enabling millions of people, many for the first time, to save for their retirement through Automatic Enrolment. Over 6 million people have already been automatically enrolled into a workplace pension and it is excellent to see this momentum continuing.’
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