ALMOST two-thirds of the UK’s small businesses have taken no steps to enrolling their staff in a workplace pension scheme required under new legislation, claims a report.
Research among 500 firms with up to 49 employees showed that 42% had not yet thought about the new regulations for automatically enrolling staff in a pension scheme. In addition, 23% said they were considering the scheme, but had yet to take action.
The survey by the Chartered Insurance Institute found that 59% of firms knew little or nothing about the pension reforms, which begin to take effect for large firms from October, 2012.
Six out of 10 firms employing fewer than 50 staff do not offer their employees a workplace pension scheme, with just 27% making a provision for both full and part-time staff.