The Pensions Regulator have increased significantly the number of fines that they’ve issued in 2106, which is evidence that there are companies leaving it late...
Auto enrolment, Will you be ready in time?
Is the SME market going to get ready in time? I think the first thing to say is it’s a very, very diverse market, so there’s no single answer to that.
We’re seeing some brilliant behaviour from small employers who are preparing well in advance. Six months before they’re understanding their staging date. They’re understanding their responsibilities. They’re knowing what it means to their business and crucially they’re knowing what it means to their employees and how it can help them retain and recruit the right staff.
There are also some that will leave it to the last minute. That’s fine as well. There are lots of companies that can cope with that. It means that there’s a little bit more pressure at the time of the staging date, which is the date by which you have to start the scheme. But we’re also seeing a number of companies that are leaving it late.
The Pensions Regulator have increased significantly the number of fines that they’ve issued in 2106, which is evidence that there are companies leaving it late, and that’s due to a combination of circumstances. Some just aren’t aware of their responsibilities. Some haven’t got all the help that they need to meet those responsibilities. So it’s a mixed bag, we’re seeing some great behaviour, we’re seeing some that are just in time and we’re seeing some that are unfortunately leaving it a little bit too late.
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