SMEs Ill-equipped for New Pension Reforms

Research amongst 1,500 businesses reveals just under half of SMEs do not provide a pension scheme Sage UK, today warned small and medium sized enterprises (SMEs) of the need to act now to prepare for the pending pension reforms, as research by the business software and services provider found that nearly half (46%) of SMEs have no pension scheme in place and will be affected. The Pensions Act 2008, comes into effect in 2012 and will for the first time, place a legal duty on employers to enrol all eligible employees automatically into a pension scheme and contribute towards their retirement. By planning well in advance, firms can control any potential problems with their cashflow or processes, but according to Sage’s UK Omnibus which surveyed 1,500 small and medium-sized businesses from its... »