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09 Sep 2013

One In Four UK Micro Businesses Ready For Auto-Enrolment In Advance

Around one in four of Britain´s smallest companies (employing fewer than ten workers) are already ahead of the deadline that requires them to provide a pension scheme for their employees under the automatic enrolment scheme.

UK micro companies are required to provide a pension scheme for workers, starting in 2015. But a quarter of them have already done it, barely a year after the start of the reforms and well ahead of their own deadline, according to a new survey from the Chartered Insurance Institute (CII).

Lawrence Baxter, at the CII, commented that the figures were encouraging, as they showed that many small companies were ready for the reforms, possibly as a result of the government´s TV campaign that has been in action for some time now. However, there is still much more to be done to support micro businesses and help them get ready for auto-enrolment. Small companies need to understand the reforms and make the necessary adjustments to comply with rules sooner rather than later, he added.

Baxter´s remark referred to the six percent of respondents who stated that reforms regarding workplace pension schemes were irrelevant to them. Failure to comply with these requirements could lead to a fine of up to £500 per day, This Is Money reported.

Small businesses might need professional advice on planning and implementing the reforms, but the survey also found that just about half of micro businesses with fewer than 50 workers had plans to look for professional help.

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