Small businesses risk missing Auto Enrolment staging date
Thousands of small businesses in the UK are at risk of missing this week’s auto enrolment staging date for firms with 30-49 employees.
Research in the run up to this key date found that over a quarter (27.3%) of small businesses with fewer than 50 employees are still unaware or unclear about their pension provision responsibilities. This is according to a survey amongst UK small businesses by HR and payroll specialist, Moorepay.
For those that are aware of their forthcoming auto enrolment requirements, the research found that over half (54.8%) are still deciding on which pension provider to select.
“There is no defence against missing your auto enrolment staging date, whatever the size of your business. Whilst we’ve seen awareness of responsibilities growing over the past 12 months, there is still a long way to go. It is concerning that so many firms are not fully ready when support is so easily available.” said Alison Dodd, CEO of Moorepay.
The research also highlighted the main areas where firms felt they needed help and advice in order to comply. Of those surveyed, nearly one-third (32%) want help understanding the right calculations and deductions, 30% are looking for support with reporting and 29% are struggling to identify eligible employees.
“A lack of both financial and human resources commonly found in small businesses shouldn’t be a road block to meeting Auto Enrolment responsibilities. Setting up is much simpler and quicker than business owners might initially think. We often help businesses who are due to stage in just a matter of days so it isn’t too late to take action,” Dodd concluded.