Employers could be heading towards a "pensions disaster" due to leaving it too to meet auto enrolment deadlines – and therefore risking large penalties.

Nearly three quarters (72%) of advisers told a survey that employers have been coming to them for advice either very close to or after their auto enrolment staging date.
Those missing the date for compliance face fines of £500 per day.
The research by Defaqto on behalf of NOW: Pensions found the majority (87%) were concerned that employers lacked the knowledge to make informed decisions on the appropriate auto enrolment solution for their employees.

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Of the 244 advisers questioned half said firms have turned to them very close to their staging date, while 22% said they've had firms approaching them both very close to and after their staging date.
Scott Gallacher, a Financial Planner at Leicester based IFA Rowley Turton, said: "To date it has been the larger employers that have been hitting their staging dates; consequently it is frightening that NOW: Pensions has already experienced some of them failing to put in place an appropriate scheme in time.
"If these larger employers with well-resourced HR departments can't adhere to the rules, it does not bode well for 1.2 million of the UK's small and micro businesses.
"Unfortunately auto enrolment is not something employers can just ignore, and with a predicted capacity crunch looming as traditional pension providers shun the smaller end of the market, and many financial advisers choose not to advise on auto enrolment entirely, smaller employers need to act now to avoid potential non-compliance fines of £500 per day."
Morten Nilsson, chief executive of NOW: Pensions, said: "While auto enrolment has been successful so far, it is important that smaller employers and the industry do not get lured into a false sense of security.
"As small and micro companies begin to tackle the complexities of auto enrolment, many will lack the know-how, experience and resources required. While it is fairly common for employers to come to us late in the day or after their staging date, we urge those who will begin staging next year, to plan ahead."
Some 51% of advisers said the volume of auto enrolment business they've received to date is as expected, while 6% said it's more than expected, with nearly a third (31%) saying it's less than they hoped.
Half were confident that auto enrolment represents an opportunity for them to grow their business.

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