Auto-enrolment for SMEs - How to ride the wave

The wave of the Government’s new auto-enrolment laws is now hitting SMEs at full force, with the financial impact of contributing to pensions a significant blow for many small companies’ budgets. 

The new law, introduced in 2012, states that every employer must automatically enrol workers into a workplace pension scheme if they:

• Earn more than £10,000 a year
• Are aged between 22 and State Pension age
• Work in the UK

The implementation of the law is being staggered across 6 years, with larger organisations the first to get their toes wet.  The staging date for organisations is based on payroll size as of 1 April 2012, and can be found on The Pension Regulator’s website.