SMEs at a loss on staging

The majority of small and medium sized enterprises surveyed recently about pensions auto-enrolment had no idea about their ‘staging date’, when they are due to install auto-enrolment pension schemes for all employees, the Times reported.

But those who miss their targets – set by legislation two years ago – face fines of up to £2,500 per day.

Auto-enrolment is a major chore and potential liability for SMEs. Those who have not yet chosen a solution need to get advice urgently.