From 2017 all employers will have to enrol eligible staff into a workplace pension scheme and contribute to their pension. This process is called auto-enrolment.
We recognise the importance of the principle behind auto-enrolment, individuals and employers having a joint responsibility to save for retirement. However, we’ve raised concerns about the impact the legislation will have on the smallest employers.
Action FSB have taken
We’ve lobbied Government for a staggered introduction of auto-enrolment. This gives businesses with less than 50 employees more time to comply.
- We’ve encouraged the Government to keep the costs of compliance to a minimum.
- We’ve been working with the Pensions Regulator and the pensions industry to make sure there’s clear guidance and support for small firms, to help them comply.
- We’ve teamed up with Legal & General and IFS to offer an auto-enrolment scheme for our members.
We want more small businesses to offer quality pensions to their staff. To be successful, auto-enrolment needs to be simple to administer and comply with. Costs need to be kept to a minimum.