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05 Jan 2015

Businesses Should Face Auto-Enrolment Head On In 2015

With more auto-enrolment staging dates due to take hold in 2015, experts feel that now is the time for small- and medium-sized businesses to prepare themselves for the legislation, Fresh Business Thinking reports.

According to the article, research conducted by Creative Auto Enrolment shows that only 15% of businesses whose staging dates were set between April 2014 and April 2015 reported that they felt able to handle the necessary preparations. This is despite the fact that New Year´s Day marked the initial staging date for organisations with 58 employees; and many more SMEs are due to follow suit throughout the year.

The research also found that around a third (66%) of employers are extremely concerned about choosing a pension scheme or plan for their employees. What´s more, only 16% felt confident about delivering this to their staff within a specified period of time.

With smaller companies potentially facing heavy fines and penalties if they fail to comply with their auto-enrolment terms, experts are urging them to tackle the legislation sooner rather than later – particularly if their in-house resources are limited.

Commenting on the findings, Creative Auto Enrolment´s managing director David White stated that the firm was “genuinely concerned” about the staging dates in the coming 12 months.

“In 2014 we have seen missed staging dates, investigations and penalties and as smaller businesses stage next year, these incidents are only going to increase,” he explained. “SMEs must make [auto-enrolment] top of their list of New Year business resolutions to stay one step ahead and avoid falling foul of the legislation.”

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