Auto-enrolment for small firms put back to May 2015
Auto-enrolment staging dates for small businesses are being put back by thirteen months, the Department for Work and Pensions (DWP) confirmed today.
Businesses with less than 50 employees will now hit their staging dates from May 2015, instead of the current timing of April 2014. The DWP says it has taken the move in recognition of the challenges facing small businesses. The rate of pensions contributions will remain unchanged until all businesses have started automatic enrolment.
The postponement will hit around 7m employees of small firms, but the DWP says that half of all workers will still be automatically enrolled before the end of this Parliament. It says further details will be published in January.
More information will be published on the Chiene + Tait website in due course. If you have any concerns about auto-enrolment or any general pension queries, please contact Gordon Birrell at Chiene + Tait Financial Services on 0131 588 5800 or email gordon.birrell@ctfslimited.co.uk