More than 20% of West of England firms still have no plans in place for the auto enrolment of staff in workplace pension schemes, according to new research.
This is despite the risk of being fined if they fail to provide a scheme.
The latest position was revealed by The Pensions Regulator at a keynote business event organised by GetSet for Growth – West of England, an organisation funded by the Government’s Regional Growth Fund.
The training session was attended by 50 businesses across manufacturing, professional services and the voluntary sector.
Speaker Bryan McDaniel, industry liaison manager at The Pensions Regulator, said: “Hundreds of thousands more small and micro employers need to act in the coming two years.
“What we’re finding is that some employers underestimate the time it will take them to be ready. It may take between three and six months to get a pension scheme set-up. If you leave it late, you risk a fine.
“Our message is don’t ignore the workplace pension. Employers should look out for a letter from us and visit our website to find out what to do. There’s also lots of clear information written with small employers in mind.”
By 2018, all employers in the country will need to have placed eligible staff into a workplace pension scheme.
The GetSet for Growth West of England team is made up of finance, sales, marketing and business development experts, and offers support and expertise to SMEs in the area.
GetSet for Growth – West of England project director Phil Stott said: “Without doubt, auto enrolment is the number one issue facing small to medium-sized businesses because if they employ at least one person, then they must comply with the new workplace pension rule.
“That’s why we responded by bringing in one of the experts at The Pensions Regulator so that SMEs could learn more about the challenges and how to tackle them. We could have filled the room 10 times over such was the demand.”
Phil Stott added, “Auto enrolment is one hot issue. But we’re currently working with small to medium sized businesses in the West of England to tackle all sorts of challenges, such as business planning, finance and marketing. We’ll continue to run free workshops and training sessions to help businesses grow and create jobs in the region.”
Pictured, from left: Bryan McDaniel and Phil Stott, Photo by Jon Craig © JonCraig.co.uk
