Getting the auto-enrolment message across to small businesses is not easy, but more needs to be done or there is a danger people will leave it too late or get fined.
The Pensions Regulator (TPR) is in the process of sending out letters to 1.5m small and medium-sized businesses across the UK, letting them know of their automatic enrolment duties, what they have to do next and the date by which they have to comply.
Given that more than 45,000 small businesses will need to set up a pension this year and more than half a million in 2016 – or face heavy fines for not doing so – I’m still amazed by the general lack of awareness when it comes to automatic enrolment. But then again, there hasn’t been a wealth of information for small-business owners.
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