A quarter of the UK’s small companies have pension schemes in place ready for the auto-enrolment scheme that the government began to roll out in October 2012. The scheme requires small businesses to offer pension provision for employees by 2018.
A survey by the Chartered Insurance Institute (CII) found that a quarter of firms are prepared, with pension schemes already in place for their employees.
The CII’s Lawrence Baxter said: ‘It’s encouraging that since last year we can see that more small employers have introduced a workplace pension – evidence perhaps that the Government’s television campaign has had an impact.
‘However, it’s clear that more needs to be done to help micro firms understand how the auto-enrolment reforms will affect them so that they can take action sooner rather than later.’
Read about auto-enrolment in the news.