Small firms warned on pension dates

The Pensions Regulator has warned hundreds of thousands of small and micro-employers to check when they must meet new workplace pension duties.
By The Newsroom
Published 5th Aug 2015, 16:14 BST

As many as 1.8 million small businesses will be required to comply with automatic enrolment laws in by 2018.

A study from the pensions watchdog found seven out of 10 firms expect to use advisers for advice on the right scheme.

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The regulator, which oversees compliance with the rules, said there is “no room for complacency”, as businesses that don’t provide and enrol workers onto a suitable pension scheme by the right date may face fines.

Charles Counsell, executive director of auto-enrolment at The Pensions Regulator, said: “Research shows many employers are still not preparing early enough.

“We continue to develop new tools on our website to simplify the process for employers and we are using a diverse range of communications to reach out to employers, but my message to employers remains clear: start getting your plans in place or you risk a financial penalty.”