UK. Employers spending over 62 hours a year on pension admin
Employers in the UK are spending more than five hours a month on managing workplace pension administration, analysis from Penfold has found. This equates to over 62 hours spent on pensions-related administration across a year, or more than a full working week. Penfold’s The UK Pension Gap report warned that these requirements remained a “significant burden” for many businesses. Regulatory reporting was cited as the most time-consuming pension task by 70 per cent of employers, while 69 per cent pointed to payroll reconciliation as...
