More than three quarters of small businesses have yet to put plans in place to deal with the impact of compulsory employer pension contributions, research finds.
A study of 300 businesses by BBS Consultants & Actuaries shows that employers are unprepared for the new legislation with 87 per cent of respondents reporting they had yet to agree their policies on dealing with the measures.
Two thirds have also failed to adjust their remuneration strategies for executives in light of pension tax relief changes, with less than a third using salary exchange as a way of mitigating National Insurance costs.
Compulsory employer pension contributions are a new requirement applying to all UK businesses regardless of size or turnover, which the government hopes will encourage more workers to save for retirement.
James Stanfield, CEO at BBS Consultants & Actuaries says, ' Make no mistake, every SME business will have to offer its employees the chance to join to pension scheme and will also have to pay compulsory employer pension contributions. The longer employers leave it the worse the impact could be for them.'
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