SMEs Reportedly Not Concerned About Auto Enrolment
Despite the risks of non-compliance and the millions of pounds being pumped into advertising by the Government, it seems that automatic enrolment is not a major concern for the owners and managers of the UK’s small and micro-sized businesses according to new research by NOW: Pensions.
The research found that sales was the biggest concern for small businesses in the UK, with 34% of people highlighting it as their biggest worry. The Workplace Pension Reforms, in the form of auto enrolment legislation, were only selected by just 3% of the respondents. Additionally, the National Living Wage was selected by 2% of people; both are highly surprising given the financial repercussions of non-compliance.
The top 10 concerns for the remainder of 2016 are listed below, along with the percentage of how they were chosen by respondents:
1. Sales (34%)
2. Access to finance (12%)
3. EU referendum (7%)
4. Government spending cuts (7%)
5. Keeping up with technology (6%)
6. IT security (4%)
7. Auto enrolment (3%)
8. National Living Wage (2%)
9. Attracting and retaining staff (2%)
10. Lack of skilled workers (2%)
Morten Nilsson, CEO of NOW: Pensions, said: “With so many other things to think about it’s easy to see how auto enrolment can slip through the cracks. But, the penalties for non-compliance are steep, as much as £500 a day for firms employing 5-49 people, so small firms need to give it the attention it deserves.
Managing Automatic Enrolment
Whilst it apparently may not be a huge concern for businesses yet to stage, auto enrolment is definitely something your business should be focussing on. It’s important to prepare for, and meet, your business’s staging date to avoid unnecessary penalties from The Pensions Regulator.
The best way to prepare for something is to get educated on the subject, and we have the perfect solution – our popular Bite-size Auto Enrolment for Small Businesses webinar. Designed to give an introduction to the legislation, our Pre-sales Consultant, Liam Snape, will run through everything you need to know to get started with the pension reforms.
We have two more dates running this month, you can select your preferred date below and get a head-start on auto enrolment.
Wednesday 15th June at 10am
Thursday 23rd June at 3pm