Almost half of SMEs have no clue on auto-enrolment
Pensions
Photo Credit: Mukumbura via Compfight cc

 

Newly published figures from NOW: Pensions reveal that 44% of SMEs have absolutely no idea how to find a pension scheme that will allow them to comply with new laws on auto-enrolment.

 

 

One in seven (14%) say they plan to consult their accountant, 5% will approach an independent financial adviser, 4% plan to search the market themselves, and only 2% have already found a suitable scheme.

 

This is in spite of the fact that 33% of the 450 firms surveyed say the choice of pension scheme is important, and a further 24% think it is very important.

 

Just 8% of those surveyed are ambivalent about the pension schemes available to them, saying it is not important which they choose.

 

Morten Nilsson, chief executive officer of NOW: Pensions, says: “As auto-enrolment gathers pace, accountants will play a key role in guiding small and medium-sized companies through the complexities of the legislation.”

 

However, the sheer scale of the scheme might mean SMEs have difficulty finding the right support, when it comes to crunch time.

 

For those who find a good pension scheme, there could be unexpected benefits throughout the workforce.

 

The survey found that a third of companies expect to appear more attractive to potential job candidates, thanks to their choice of pension scheme.

 

And 40% think their existing skilled employees might be more likely to stay in their roles for longer, if they have access to a good pension scheme.

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