Automatic enrolment: The payroll perspective
21 September 2015
As the automatic enrolment process is becoming a reality for 1.3m SMEs in the UK, it is timely to understand just what sort of impact this will have on small businesses.
The policy aims of automatic enrolment are good and should improve pension saving for millions in the UK, and for many it will be their first time saving for their retirement.
However, the policy was designed without any real thought to the practicalities of implementation and the responsibility was placed on employers to enrol workers.
The process to do this has been complex and difficult. While previous research has shown the burden of automatic enrolment to be significant, for those firms that are about to go through the process they have very different structures and rely on payroll bureaus and accountants.To view the full report, please click here.