More than 30% of UK small and medium-sized enterprises (SMEs) are not preparing for auto-enrolment, according to research by RSM Tenon.
Its RSM Tenon business barometer, a quarterly survey of senior management in SMEs, found that only 12% have fully forecast the costs of auto-enrolment.
The research also found:
• 23% of respondents thought that the legislation did not apply to them.
• 13% of respondents do not currently offer their employees a pension scheme.
• 8% of respondents were unaware of the pension reforms coming in from October 2012.
John White, head of financial management at RSM Tenon, said: “This research clearly shows that many businesses aren’t prepared for the new pension provisions, and I think that employees should be very concerned.
“Choosing a pension is a complex decision and not one that should be rushed into, and so it is important that employers spell out the options available to their workers well ahead of it becoming a legal requirement.”
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