Auto enrolment challenge

 SMEs face pensions challenge

SMEs are facing an unprecedented challenge due to the requirement to enrol employees into a pension scheme. According to the pensions regulator, of the 1.8m small-firm employers who will be required to begin the staging process between now and 2018, two thirds employ between one and four workers while 16% employ five to nine people and one in six has between 10 and 49. Research by Now Pensions suggests that the majority of these firms will have no existing pension scheme and will have little to no idea about what is expected of them in setting one up. Furthermore, Harris & Co chartered accountants Northampton, the specialist small business accountants say that despite the government’s efforts, most people will end up saving nowhere near enough for a comfortable retirement.