Auto-enrolment one of the biggest concerns for SMEs in 2016
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The legal requirement to automatically enrol staff in a pension scheme was cited by SME managers in the UK as one of the biggest challenges facing them this year.
In total 150 managers of SMEs were asked by national small business support 
organisation, Exemplas, what the biggest challenges are that they are likely to face in 2016, in the areas of business regulations, employment law, skills, business finance, digitisation, business taxation and business development.
Out of those who identified a business challenge, one in five considered the time and costs associated with the auto-enrolment pension scheme to have a big impact on them, with respondents even saying they feel bullied into it.
Over the next two years more than a million small and micro businesses will need to set up a workplace pension for their employees under the government's automatic enrolment rules.
However, at least 45 per cent of business owners without a workplace pension scheme are still unclear of their responsibilities, according to research from the FSB.
Of the 45 per cent, a quarter are not confident their business can cope. Barely half of businesses (51 per cent) are confident they can meet the challenge of the new workplace pension.
The research points to the increasing confusion. As many as three in four business owners said AE pensions put too much pressure on small businesses.
All employers are being warned that they need to offer pensions to anyone who is over the age of 22 and who earns more than £10,000 a year or face fines of up to £10,000 per day.
Get the support you need
If you're looking for guidance on your auto-enrolment responsibilities, ActSmart can help.
ActSmart have made arrangements to introduce you to Elliott Sanders of Copthorne Hundred Wealth Management, a Partner Practice of St. James's Place Wealth Management.
St. James's Place Wealth Management are one of the leading wealth management organisations in the UK with a national network of advisers. Using their experience, they offer businesses and individuals a wealth management service, incorporating pension advice. The advice is face-to-face and tailored to your business or personal objectives.
- Complimentary initial consultation
- Face-to-face advice
- Impartial advice
- Advice is guaranteed by St. James's Place when recommending any products or services provided by the St. James's Place Group
Phone Elliott Sanders's team on 01372 721 616, email Elliott.Sanders@sjpp.co.uk or complete the enquiry form here.
