Auto Enrolment

As the auto enrolment duties have been extended to nearly 1.8 million small employers in 2016, micro firms are looking to their accountants to help them with the set-up process as many of them don’t h have the time or the resources to enrol employees themselves in to pension schemes. The Pension Regulator (TPR) was published a guidance recently with the intention to help the employers find a good quality pension scheme. Their research suggests that one in five employers will not seek any advice when choosing pension scheme and one in ten don’t know how to select a pension scheme or think it will be difficult. Auto-enrolment contributions are currently set at 2% of which at least 1% must be paid by the employer, this will gradually increase to 8% of which at least 3% must be paid by the employer by 2019.