Those covered by the new legislation include anyone over the age of 22 earning over £10,000 a year and people with a single employee such as a nanny.Other smaller companies such as hairdressers and grocers will be incorporated into the scheme as it rolls out. Employers will be given a deadline for getting the wheels in action – 14,000 will be affected by the first phase, starting from 1 June 2015. It marks part of the government’s auto-enrolment scheme which was introduced in 2012, with over 28,000 businesses auto-enrolling just over 4.5m workers. The Pensions Regulator previously said that as the number of businesses reaching their staging date increases it expects to see a corresponding increase in the number of cases of non-compliance. Real Business has previously covered what you need to know ahead of the scheme’s implementation and how to prepare for the process, following NEST research suggesting that while 91 per cent of small employers knew about the changes, only 18 per cent felt they completely understood what it meant for their business. By the end of October 2017, as many as 1.3m small businesses will be signed up, with around 10m workers enrolled in a pension scheme. Read more on auto-enrolment:
- Auto-enrolment is nearly upon us but SMEs still have time to prepare
- Auto-enrolment – What do you need to know?
- Auto-enrolment: Top five tips for small firms
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