New legislation designed to promote retirement savings will require ALL employers, regardless of size, to provide a pension scheme to their employees. The vast majority of every workforce will be automatically enrolled into this scheme unless they choose to opt out.
Even though the first employers have to be ready for auto enrolment by October 2012, our April Business Barometer research showed that 31% of employers still either don’t think the legislation applies to them or are not aware of it.
Auto enrolment brings with it a number of employer duties – some of which already apply to all employers – as well as increased costs and administration challenges. Even if you currently offer a pension scheme, you cannot assume that your current arrangements will be suitable for auto enrolment. Whatever your staging date, you should have already started to prepare for the changes that will affect your company.
If you would like to know more about specific challenges that auto enrolment presents our guidance notes offer an indepth insight into the issues you may face whilst introducing your pension scheme to your business.
For more information about how auto enrolment will affect your business, or for assistance with the challenges you are facing, please complete this form or call our team on 0845 223 2010.