Matthew Thompson
2 minutes length
Posted: 16th September 2013

SMEs will be vital to the success of auto enrolment

 

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 automatic enrolment and is registered with The Pension Regulator.
Don’t leave preparing for automatic enrolment to the last minute.  IRIS can help you get started on the right track now with our 3 hour seminar, Understanding Auto Enrolment.   

The head of Standard Life, David Nish, will today speak at the Liberal Democrat conference in Glasgow to outline how important SMEs will be to the success of auto enrolment. 

Speaking before the conference Nish has said: “With an industry opt out average of around 10 per cent – compared to the predicted 20 per cent to 30 per cent – we have seen a really encouraging start to the rollout of auto enrolment. Though we must acknowledge it is still early days.

“We are now entering a period where small and medium-sized companies will be implementing auto enrolment into their businesses. This will be a crucial period.

“SMEs are central to the UK economy, accounting for 99% of UK businesses and employing over 14 million people. Many lack the resources of larger businesses so it is vital that they get the necessary support to help make auto enrolment a success for their employees”  

IRIS is helping to provide SMEs with the information they need to successfully launch auto enrolment with training seminars available throughout the UK. 

Also available are free 20 minute webinars which take companies through the legislative requirements of auto enrolment.

Alternatively, why not download our free introductory guide.

Your free guide