Sage UK

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 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... »