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February 14, 2018
A significant number of small and medium-sized businesses could start facing financial penalties for failing to comply with the new pension auto-enrolment regulations, a study has warned.
Under new rules, which are being introduced in a series of stages, employers will be required to automatically enrol all eligible members of staff into a workplace pension scheme, pay a minimum contribution into the fund, and keep appropriate records.
However, according research nearly a quarter of SMEs do not currently operate any form of pension scheme, while nearly 40% have admitted that their existing scheme does not comply with the requirements of auto-enrolment.
Businesses that fail to operate an appropriate scheme could face significant fines.
Small businesses are being urged to take action now to ensure that their systems are fully compliant with the new regulations.