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Businesses unprepared for Auto Enrolment
Data from the Pensions Regulator has revealed that more than a fifth of employers across the West of England still have no provisions in place for Auto Enrolment of employees in workplace pension schemes. By April 2017 it will be mandatory for all employers to provide a pension scheme to workers.
Phil Stott, Project Director for GetSet for Growth – West of England, which hosted a training event on the issue, said, “Without doubt, auto enrolment is the number one issue facing small to medium sized businesses because if they employ at least one person, then they must comply with the new workplace pension rules.
“That’s why we responded by bringing in one of the experts at The Pensions Regulator so that SMEs could learn more about the challenges and how to tackle them.”
Bryan McDaniel, Industry Liaison Manager from The Pensions Regulator, was the speaker at the GetSet for Growth event. He said, “Hundreds of thousands more small and micro employers need to act in the coming two years.
“We’re finding that some employers underestimate the time it will take them to be ready. It may take between three and six months to get a pension scheme set-up. If you leave it late, you risk a fine.
“Our message is don’t ignore the workplace pension. Employers should look out for a letter from us and visit our website to find out what to do. There’s also lots of clear information written with small employers in mind.”
Pictured – Bryan McDaniel and Phil Stott. Photo by Jon Craig.
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