Britain’s smallest businesses could be faced with fines between now and the end of next year because they are still unaware of their pensions auto-enrolment responsibilities.
There are 262,000 micro-businesses (employing 1 to 4 people) among the 1.8 million employers required to begin rolling out a workplace pension between now and 2018.
While the vast majority of employers are complying with it, some small employers are still risking fines by failing to understand how it affects them.
It can take 3 to 4 months to set up a proper scheme. But just as importantly, scheme providers themselves will only be able to take on so much new business nearer the deadline. Those who leave it too late may find a provider is unable to work with them in time.