Auto-enrolment - Two thirds of SMEs are unaware of staging date
02 September 2014
The firm’s research, which surveyed 750 small and medium-sized enterprises (SMEs), found that nearly a third (32%) of respondents felt they do not know enough about auto-enrolment to be able to gauge its impact. Nearly half (49%) of respondents said they understood little or nothing about the changes they will need to make, whereas more than a third (35%) said they have done nothing because they do not know how to start.
The research also highlighted that 30% of respondents are worried about the set-up costs; 62% are concerned about the ongoing expense of making employer contributions to staff pensions; and 47% stated their fear of the extra administration involved in managing a pension scheme.
From 1 August, employers with more than 60 PAYE employees have had to comply, and by August 2015 and employers with fewer than 30 staff will have to have an auto-enrolment schemes in place.
Although smaller organisations have a later staging date, employers still need to be on the ball regarding their obligations and expert financial advice should be sought when choosing an auto-enrolment scheme and planning your budget.
You can find information about staging dates by following this link:
If you would like any further information, please contact our HR Manager, Louise McCosh by email or call 0141 221 2984.