New research conducted by financial advisory firm Wealthcare has shown that more than 40% of the UK’s small firms are neglecting their duties when it comes to registering their employees to an auto enrolment pensions scheme. Many small business people are waiting until the last minute – and this is dangerous.
The same study shows that more than 1 in 8 firms across the country have missed their staging date, and with the default date of April 1, 2017 fast approaching, many believe that this figure is destined to grow on a massive scale.
Auto enrolment is a government led initiative that aims to increase the amount of money that employees save for their retirements, and it is meant to be a positive. However, with so many businesses dragging their feet, it seems that many do not actually see this as positive move. This is misguided – with pensions auto enrolment, everyone wins.
If a business fails to comply with this initiative by their staging date, they will face harsh fines and penalties from The Pensions Regulator. Over 10,000 such penalties had been issued by the end of last year, and this number is predicted to increase substantially after April 1, 2017.
Are you a business owner in the UK? If you employ even one employee, you need to act now and get your pensions auto enrolment sorted today. The clock is ticking – but thankfully we can help. Contact the team at Options Pensions Ltd. and we will work with you to get everything up and running by the default staging date.
Don’t risk fines, a loss of reputation and stress – start complying with the Pensions Regulator today and save yourself a huge headache in the future.