The National Federation of Self Employed & Small Businesses (FSB) recently published an auto enrolment survey, Big Voice Community. Their findings reveal that although smaller firms in general believe auto enrolment will be good for their workforce, and that staff should be saving for their retirement, many businesses are still unsure what they need to do and how much it will cost them.
According to figures recently published by the Pensions Regulator, since auto enrolment began:
- 4,818 compliance notices have been issued
- A total of 1,594 £400 Fixed Penalty Notice fines have now been issued to employers
- Just over a thousand (1,021) Fixed Penalty Notices were issued in the last quarter of 2015
Chris Wallace, Managing Director at Visionary Accountants’ said: ‘According to the Pensions Regulator up to half a million small and micro employers must take action this year to meet their workplace pension commitments or risk a fine. It seems clear from the FSB research that smaller businesses are still unsure what to do regarding their own auto enrolment & workplace pension situation. This combined with research from the Pension Regulator that shows smaller employers are more likely to leave things until the last minute makes the situation more worrying. We have managed auto enrolment for clients and know from experience that every company must go through the same process to meet their staging date. Smaller companies must act now and seek advice. If your company is due to stage in 2016 call us on 01727 730550.’