Data published earlier this week has suggested that less than a quarter of small and medium sized businesses within the UK feel they have received enough information from the government in relation to auto-enrolment.
The data, based on results of a survey which involved just over 500 small and medium sized businesses, has revealed that 24 percent stated that they had hardly received any information from the government in regards to auto-enrolment, particularly their obligations.
Data from the survey also revealed that a further 25 percent have suggested that the communication they had received from the government in relation to auto-enrolment had been minimal; with 36 percent of those surveyed citing a lack of understanding in relation to their obligations as the main barrier for complying with auto-enrolment.
The latest findings come, as it was reported that thousands of small and medium sized businesses could be at risk of being fined for failure to comply with auto-enrolment, or for “coercion” – due to encouraging employees to opt out of auto-enrolment.
The fines which are set to be imposed on those businesses who fail to comply with auto-enrolment, will be imposed for each breach and will range from £1,000 to £5,000 depending on the size of the business.
Meanwhile, additional reports have revealed that an independent taskforce, set up to help payroll providers who are struggling with implementing auto-enrolment, is due to consult on data plans, in an attempt to limit confusion.
For those businesses who are concerned about auto-enrolment, the independent financial advisers at Birchwood Finance Management can assist.
Our financial advisers understand and appreciate the importance of planning in enough time for auto-enrolment, to ensure that the right workplace pension scheme is in place for both the business’ needs and the needs of the employees.
To find out how we can help your business with auto-enrolment, come and speak to our financial advisers today.