Only 24% of micro companies have pension scheme
A recent survey by the Chartered Insurance Institute has shown that just 24% of micro companies (employing less than 10 employees) currently have a pension scheme in place ahead of their auto enrolment staging dates.
Lawrence Baxter from the institute says: 'It's encouraging that since last year we can see that more small employers have introduced a workplace pension - evidence perhaps that the Government's television campaign has had an impact.
However, it's clear that more needs to be done to help micro firms understand how the auto enrolment reforms will affect them so that they can take action sooner rather than later.'
With over 75% of small businesses having no pension scheme in place there is likely be a last minute rush to prepare as the pensions market reaches capacity. If you do have a scheme in place it is important to ensure it meets the requirements of auto enrolment and is registered with The Pension Regulator.
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