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Advisors should be ready for mass auto enrolment

Over 99 per cent of businesses in the UK are having to urgently make preparations for auto enrolling their employees onto pension schemes.

Staging deadlines are due in 2015, and accounting companies will undoubtedly be called upon for their professional guidance.

Close to 30,000 firms are automatically enrolled for workplace pensions. However, a large number of requests are expected, as companies with between 30 and 40 employees need to prepare for staging dates from August to October, 2015.

For businesses that have fewer than 30 employees, staging could start in June – although it could turn out to be from November next year to the November of 2017.

The Pensions Regulator has estimated that up to 20 per cent of small business employers and close to 50 per cent of micro firms are not in the loop when it comes to staging dates. A large number are under the impression that staging dates are dictated purely by how many employees they currently have, as opposed to those that were recorded back in April of 2012 via PAYE numbers.

Malcolm Streatfield, the CEO at financial advice firm Lighthouse Group, said:

“Accountants should be prepared to field rising levels of urgent requests for auto-enrolment information from their SME clients over the next few months, as many businesses still have little idea of their deadlines or responsibilities.”

Fortunately an accountant, from the Wirral to Watford and Liverpool to Leeds, among other parts of the UK, is more than capable of helping local businesses with auto enrolment. They will no doubt already be preparing for the onslaught of help requests.

Posted by Peter
November 18, 2014
Small Business

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