When auto-enrolment began in 2012 it brought with it the inevitable flurry of providers – all competing in a bid to service the 5.4 million SMEs in the UK. We were one of them. Each of us offer differing levels of service at different fees. Choice is generally considered a good thing but having an
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Tag Archive for Auto-enrolment
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Small business owners don’t know what pension auto-enrolment is
by Owen Gough • • 0 Comments
A recent survey of more than 2,300 small businesses in the UK reveals that a third do not know what pension auto-enrolment is, and more than two fifths say the extra expense will affect hiring new staff. Auto-enrolment will be mandatory for all British businesses by 2018, where business owners will have to contribute to
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TISA calls for a broadening of employees being auto enrolled
by Owen Gough • • 0 Comments
TISA, the investments and savings membership association, welcomes the government’s auto-enrolment (AE) review as an important step in allowing the industry to identify ways of building on the success since AE began in October 2012. There’s plenty of evidence confirming that a high percentage of individuals do not understand pensions or tax relief. They believe engagement
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Why are so many businesses missing their staging date?
by Owen Gough • • 0 Comments
As an industry, we’re reliant on, and to some extent blinded by, data but often data doesn’t tell the whole story. There’s been much talk about the number of companies seemingly procrastinating over their auto-enrolment staging deadline with the statistics varying from between 20 per cent and 40 per cent of companies either leaving their staging date
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Millions of savers are being let down by auto-enrolment
by Owen Gough • • 0 Comments
Millions of workers are rising to the retirement challenge by saving into their workplace pensions, but millions are being let down by the current system of auto-enrolment. New figures from the Office for National Statistics show that a record proportion of workers are now participating in workplace pensions – hitting a new high of 68
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Pension changes causing confusion for half of UK small businesses
by Ben Lobel • • 0 Comments
There have been reports that more than a million small and micro-sized businesses in the UK will need to provide auto-enrolment for workplace pensions within the next two years. However, surveys have revealed that of the companies who haven’t already put these provisions in place, up to 45 per cent claim they do not fully understand
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Accountants admit to poor auto enrolment knowledge for SME advice
by Owen Gough • • 0 Comments
Almost half of accountants say they do not know enough about auto enrolment, despite being the primary source of advice sought by small businesses about the pension legislation, a report by employee benefits adviser Helm Godfrey finds. And with tens of thousands of small businesses, which make up more than 99.9 per cent of the UK’s
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Beating the auto-enrolment challenge as a small business
by Ben Lobel • • 0 Comments
The Pensions Regulator estimates that more than 570,000 small businesses will stage for auto-enrolment over the coming 12 months. It is something to be taken seriously; research shows the UK’s small and micro-businesses face being slapped with around £25 million of fines for missing the government’s auto-enrolment deadline. Setting a business up for auto-enrolment can be frustrating,
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