auto-enrolment

Small Businesses Want To Change The Rules And Offer Workplace Pensions To Low-Earning Staff

Small Businesses Want To Change The Rules And Offer Workplace Pensions To Low-Earning Staff

A majority of UK small businesses would favour low-paid staff be included in the auto-enrolment process, and receive a workplace pension, according to a new report by YouGov. The survey of 398 small firms revealed that 51% would like to see the current salary cut-off point of £10,000 be lifted – while 60% believe all staff should be entitled to a workplace pension. 37% of respondents are currently paying above the minimum contribution of 1%, and it’s suggested that part-time workers, particularly women, would benefit the most if such a recommendation ever came to fruition. Over seven million workers have been automatically enrolled into a workplace pension since the process started in 2012, with contributions from both employee and employer standing at a combined 2%, but set to rise to 8% ... »

Auto-enrolment: What Is It and What Do I Have to Do?

Auto-enrolment: What Is It and What Do I Have to Do?

What is auto-enrolment? Automatic (or auto) enrolment is part of The Workplace Pension Reform, and requires every business owner in the UK to automatically enrol their workers into a workplace pension scheme provided: The worker earns more than £10,000 in a tax year The worker is between 22 and state pension age NB: A worker is defined as: “An individual who has entered into, or works under a control of employment, or any other contract by which the individual undertakes to do work or perform services personally from another party to the contract.” As of January 1 2016, small businesses with 30 employees or less must start the auto-enrolment process and comply with regulations by their staging date (explained below) between now and April 1, 2017. What do I have to do to comply? 1. Figure o... »

Auto-Enrolment Among Biggest Concerns for Small Businesses in 2016

Auto-Enrolment Among Biggest Concerns for Small Businesses in 2016

Auto-enrolment – the government’s new legal requirement for businesses to automatically enrol staff into a qualifying pension scheme – is a major concern for one in five UK small businesses this year, according to a new report by Exemplas. Of those who identified the auto-enrolment pension scheme as a challenge, some felt they were even being bullied to comply with it. The survey, of 150 managers of small to medium enterprises, found that other big challenges small businesses believe they face in 2016 are finding employees with appropriate skills (45%) and raising finance (32%). Nearly 32% of those surveyed also cited finding new business and entering new markets a major concern for the next 12 months. Other potential problems identified included challenges and costs of employe... »

UK Businesses Fail to Prioritise Auto-Enrolment

UK Businesses Fail to Prioritise Auto-Enrolment

Over a quarter (27%) of UK businesses completed their automatic enrolment (auto-enrolment) application within just one month of their staging date – with 10% doing so after the date had passed – new research by NOW: Pensions has found. While 31% of companies signed up to auto-enrolment at least six months before the staging date, the research has found that the majority of business owners have “continued to procrastinate” and are under-prepared for the long-term effects of a workplace pension too. Moreover, the report added that employers which are late to enrol not only cause themselves unnecessary stress but also limit their options in regards to pension providers. The latest auto-enrolment deadline – for companies with 30-49 employees – passed earlier this month (Oct 1). Thi... »

SMEs Not Ready for Workplace Pension Schemes

Almost two-thirds (65%) of the UK’s small businesses are no nearer to enrolling their staff in a workplace pension scheme required under new legislation, according to a report from the Chartered Insurance Institute (CII). The research, conducted among 500 firms with up to 49 employees, shows that 42% have not thought about the new regulations for automatically enrolling staff in a pension scheme. In addition, nearly a quarter (23%) — though considering the regulations — have yet to take action. Most businesses of this size (59%) know little or nothing about the pension reforms, which begin to take effect for large firms from October 2012, with only 12% claiming to know a lot about them and a mere 8% having an implementation plan in place. These low levels of knowledge and activity may expl... »