Enrolsme’s Matthew Mitten offers his predictions for 2015 when it comes to small businesses and automatic enrolment.
With 2015 now here, increasing numbers of small and medium sized businesses (SMEs) are getting closer to their automatic enrolment staging date, where they will be required to put workers – who meet certain criteria – into a workplace pension scheme.
In 2015 the Department for Work and Pensions (DWP) has forecast there are 45,000 companies due to stage, the vast majority of these companies will have never set up a pension for their employees before. In 2014 there was ‘only’ meant to be 30,000 companies, although the actual figure turned out to be a lot less. We are just about beyond the tip of the iceberg as far as the number of companies is concerned. Only 3% of UK companies have now staged, so 2015 will see the pressure start to rise for advisers, pension providers and all involved in automatic enrolment.
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