workplace pension scheme

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% ... »

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... »