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Although more than 1 million small and micro enterprises need to phase in auto-enrolment pensions for staff by 2018, many still feel baffled about getting a scheme up and running.
According to the BBC website, a survey by the Federation of Small Business (FSB) has found that 45% of businesses yet to set up a scheme remain unclear on "what they need to do, when they need to do it, and how much it will cost". Also, a quarter of survey respondents said they feel pressured by the new initiative, which is adding more to staff costs.
The FSB National Chairman, John Allan, is encouraging businesses around the UK to find out what it is they need to do as soon as possible. While the FSB claims that many businesses have found the process straightforward, it understands employers who are less comfortable with the initiative.
These businesses should feel reassured that there is plenty of information and support available to help them through this process, both through the FSB and from the Pensions Regulator. John Allan, FSB
The FSB offers a workplace pension product, however, employers can either use an existing scheme for auto-enrolment, or find a new one through a financial expert.
The Pensions Regulator offers advice on choosing an auto-enrolment workplace pension on its website. You can also get more guidance on the finding your auto-enrolment staging date.
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