By Matthew Thompson | 11th September 2013 | 7 min read
A recent survey by the Chartered Insurance Institute has shown that just 24% of micro companies (employing less than 10 employees) currently have a pension scheme in place ahead of their auto enrolment staging dates.
Lawrence Baxter from the institute says: 'It's encouraging that since last year we can see that more small employers have introduced a workplace pension - evidence perhaps that the Government's television campaign has had an impact.
However, it's clear that more needs to be done to help micro firms understand how the auto-enrolment reforms will affect them so that they can take action sooner rather than later.'
With over 75% of small businesses having no pension scheme in place there is likely be a last minute rush to prepare as the pensions market reaches capacity. If you do have a scheme in place it is important to ensure it meets the requirements of automatic enrolment and is registered with The Pension Regulator.
Don’t leave preparing for automatic enrolment to the last minute. IRIS can help you get started on the right track now with our 3 hour seminar, Understanding Auto Enrolment.
A recent survey by the Chartered Insurance Institute has shown that just 24% of micro companies (employing less than 10 employees) currently have a pension scheme in place ahead of their auto enrolment staging dates.
Lawrence Baxter from the institute says: 'It's encouraging that since last year we can see that more small employers have introduced a workplace pension - evidence perhaps that the Government's television campaign has had an impact.
However, it's clear that more needs to be done to help micro firms understand how the auto enrolment reforms will affect them so that they can take action sooner rather than later.'
With over 75% of small businesses having no pension scheme in place there is likely be a last minute rush to prepare as the pensions market reaches capacity. If you do have a scheme in place it is important to ensure it meets the requirements of auto enrolment and is registered with The Pension Regulator.
IRIS Charity Formats is a brilliant addition to your IRIS Accounts Production software preparing accounts for incorporated and unincorporated charities and Academies.
Payroll is an absolutely critical part of your business. Getting it wrong can have a hugely negative effect on employees’ trust, motivation and morale. It’s also a complex process that takes a lot of effort, time and resource, which is why so many businesses choose to outsource their payroll.
HR is the heart of a business and that's why we're committed to helping businesses make their employees feel better-connected, engaged, and rewarded. IRIS HR Pro is now Staffology HR.