Auto enrolment scheme

UK Small Businesses Could Lose £25m in Auto-enrolment Fines

UK Small Businesses Could Lose £25m in Auto-enrolment Fines

UK small businesses are to face fines of up to £25m for missing the auto-enrolment deadline, according to research by Paycircle. Highlighting data from The Pensions Regulator (TPR), 63,700 small enterprises have set up a workplace pension since July 2012 up to the end of August 2015 – suggesting over 95% of businesses are compliant with the law. However, the TPR has revealed that 2,234 companies have already missed the deadline and incurred fixed penalty notices of £400. According to the survey, between now and 2018 some 1.8 million small business owners will be required to set up a workplace pension but base current rate of fines being handed out by The TPR, a large number of these businesses (approximately 63,000 employers) will miss the deadline and recieve non-compliance fines to... »

Auto Enrolment Pension Scheme Uncertainty Remains as 6.1 Million still ‘Confused’

As auto-enrolment comes into effect for mid-sized firms, 56% of employees are still unclear of what it means More than half of the nation’s employees find the term auto-enrolment confusing and do not know what it relates to. The survey of more than 1,000 full-time employees, conducted by Sage, also found that 27% do not know what the pensions reform means for them and their retirement and 25% have not received any information from their employer. The auto-enrolment scheme, which started the process of rolling out two years ago, means all UK employers that meet a certain criteria must enrol their staff in a workplace pension scheme once their staging date begins. This will affect 1.3 million small and mid-sized businesses, which have a later starting date than large organisations. Business ... »