Nearly half of the employers who must set up a workplace pension scheme for their staff in the next two years are confused about their responsibilities, a survey by the Federation of Small Businesses (FSB) has found.
The FSB’s survey revealed 25 per cent of those surveyed also feared that their business might not be able to cope with the extra cost, while 45 per cent of those asked were unclear on the rules relating to workplace pensions.
Among businesses yet to stage, the top three sources of information and support they expect to turn to are their accountants (56 per cent), the FSB (37 per cent) and the Pension Regulator website (33 per cent).
Since 2012, millions of workers have been signed up to a workplace pension under the auto-enrolment programme and millions more small businesses still need to enrol employees automatically into a workplace pension scheme before the scheme’s final deadline in 2018.
All employers are being warned that they need to offer pensions to anyone who is over the age of 22 and earns more than £10,000 a year. Employees who do not wish to receive a workplace pension may opt out. The rules affect all employers including those who only have a single member of staff.
At Moore Thompson we can offer comprehensive workplace pension support and we are skilled in identifying the costs of setting up and reviewing existing pension schemes for workplace pension compliance.
Our team of workplace pension specialists have helped a wider variety of businesses meet their staging date, to find out how we can help you, please contact us.