For immediate release: Wednesday 1 June 2016
New research* from workplace pensions provider NOW: Pensions reveals that UK small firms are relatively relaxed about auto enrolment and the introduction of the National Living Wage with concerns focussed on sales and access to finance.
What’s your biggest business concern this year?
1. Sales (34%)
2. Access to finance (12%)
3. EU referendum (7%)
4. Government spending cuts (7%)
5. Technology (not being able to keep up) (6%)
6. IT security (4%)
7. Auto enrolment (3%)
8. National Living Wage (2%)
9. Attracting and retaining staff (2%)
10. Lack of skilled workers (2%)
When it comes to what would make their life easier, entrepreneurs are calling on the government to reduce the amount of ‘red tape’ involved with running a business, with 19% claiming less paper work and increased access to government grants would make a big difference.
Morten Nilsson, CEO of NOW: Pensions said: “With so many other things to think about it’s easy to see how auto enrolment can slip through the cracks. But, the penalties for non-compliance are steep, as much as £500 a day for firms employing 5-49 people, so small firms need to give it the attention it deserves.”
Data from NOW: Pensions shows of the companies that signed up in the first quarter of 2016, over a third (37%) completed their application either very close to their staging date or after the deadline had passed.
For further information:
Tel: 0203 640 9075
Tel: 0207 566 9760
Notes to editors
*Online survey with 350 owners of small businesses in the UK between 14th and 18th March 2016 by Opinium.
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is an independent, multi-employer trust serving thousands of employers and hundreds of thousands of employees from a wide range of sectors.
A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions offers a simple and cost effective workplace pension solution direct to employers and via advisers and the payroll sector.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
In January 2015, NOW: Pensions achieved independent assurance of scheme quality in accordance with the new master trust assurance framework (AAF02/07) introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Jocelyn Blackwell, founding partner Dunnett Shaw
- Christopher Daykin, former Government Actuary
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
- Nigel Waterson, former Shadow Pensions Minister
Employee charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.