The best business advice, opinion, news and expertise in Greater Manchester and further afield.

Monday, 14 April 2014

Guest Post: Auto Enrolment - Is your business ready to roll?

From Ink Employee Benefits

Heading towards a crucial pinch point from a staging date view point, with 30,000 SMEs due to stage between the 1st April to the 1st July, Chris Everard expresses his concern over the number of small business owners who have not set up an Auto Enrolment scheme and the quite incredible number of owners who claimed that they were unaware of their staging date(s).

Using research commissioned by Autoenrol/SME, Ink’s Sales & Marketing Director noted that 58% of SMEs had no Auto-Enrolment scheme and 63% did not know what their staging date was.

“As the UK’s dominant employment section is heading towards Auto Enrolment, I am very concerned over the apparent lack of knowledge displayed by these owner managers and I question the level of support and information they’re getting from their professional advisers, the pension providers and the Government.

“The number of companies going through the Auto Enrolment process is increasing month on month and my greatest fear is that the industry will not have the capacity or resource to cope unless the owner managers of SMEs take the appropriate action early enough.”

Women hit hardest by auto-enrolment pensions change

Ink has partnerships with all the leading pension providers and Scottish Widows have highlighted an area where potentially 120,000 women will be impacted by the rise in the earnings threshold to £10,000.
Chris Everard, said:

“The number of women working part-time hours in the UK is higher than men, therefore this increase in the amount of earnings required before they qualify for an Auto-Enrolment pension scheme will hit women hardest.

“Some simple changes in scheme organisation and an increase in flexibility, in awareness and help would enable women and life partners to plan together for their lives after work.

“The land of post work can be clearly defined as one of those with a sufficient and well managed pension pot and those without. The differences between these two groups will be very distinct as time goes by and it is so important that we all understand this, and save accordingly.”

1 comment: