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Foster Denovo|News & opinion|News|The time has come to communicate auto-enrolment…

The time has come to communicate auto-enrolment…

Only one in 100 independent financial advisers believe small businesses are well prepared for automatic enrolment.

A survey conducted by Sage UK found that only one in 100 independent financial advisers believe small businesses are well prepared for automatic enrolment, and just one in five (21 per cent) agreed that small firms were aware of the legislation, writes Matthew Mitten, director of Enrolsme.

Given the fact that many small businesses will need to comply over the next few years, or face heavy fines for not doing so, I find these stats, and the general lack of awareness when it comes to the legislation concerning.

Auto-enrolment is here to stay and – to date – amongst larger firms, opt out rates have been relatively low. The Department for Work and Pensions (DWP), has just reported that the five millionth person has recently been enrolled into a workplace pension (December 2014). However, what we have to remember is that this only represents three per cent of businesses in the UK. There are a further 97 per cent to go – more than one million business have yet to comply.

To read the article in full on the Top Consultant website, please click here.

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