Software companies designing products to help firms comply with auto-enrolment rules have told The Pensions Regulator they will be ready for the start of the scheme later this year.
In December, TPR executive director for employer compliance Charles Counsell wrote an open letter to software companies, warning that although some employers had started looking for suppliers, many had not had enough information about products on offer.
Giving evidence to the work and pensions select committee last week, he said firms responded to the letter by telling him they will be approaching employers in the early part of 2012.
He said: “We are relatively confident they will all have products ready in time but it is really crucial they get out and engage with their customers about them and when they will be ready. From an employer’s perspective, you cannot leave this to the last minute.”
The software will help firms meet the admin burden placed on them by auto-enrolment, such as ensuring correct employee and employer contributions are paid.
Counsell also urged pension providers to make clear to firms how their auto-enrolment systems will work.