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Auto-enrolment pardon for small businesses
Small businesses will be given extra time to prepare for automatic enrolment, the government has announced.
The revisions mean that no small employers will be affected by the reforms before the next general election.
Under the new timeline small businesses, defined as any organisation with less than 50 employees, will begin automatically enrolling staff in May 2015, instead of April 2014.
Pensions minister Steve Webb said: “We recognise that small businesses are operating in tough economic times so we are softening the timetable for implementation to give them some additional breathing space.”
However the National Association of Pension Funds (NAPF) has expressed its frustration at the scheme being delayed further for small firms.
Joanne Segars, NAPF Chief Executive, said: “When it comes to pensions, the government should have stuck to plan A. These reforms have been a decade in the making, and now is the time to press play, not pause.”
For more information please contact Paul Bradshaw at McEwan Wallace Wealth Management on 0151 647 6682 or email enquiries@wallace.co.uk.
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