New research published by the FSB has revealed that 76% of business owners believe that auto-enrolment pensions put too much pressure on small firms. While 51% of small business owners are confident that they can set up automatic enrolment by their staging date, 45% of those that have not yet complied are uncertain about what is expected of them. Additionally, more than a quarter of FSB members are still unaware of their staging dates.
The research has also revealed that small business owners are underestimating the costs of implementing automatic enrolment, with those who had not yet started the process predicting that the approximate cost would be £903. However, the average cost was found to be £1,436, with 20% of firms reporting auto-enrolment costs of more than £2,000.
For further information regarding the research, click here.