Workplace pensions provider NOW: Pensions says auto enrolment needs to be taken more seriously with fines for small companies at £500 per day

In research undertaken by BDCR Continental NOW: Pensions discloses that one in four businesses who are yet to act hasn't thought about how they will find a provider.

From 1st June 2015 500,000 qualifying businesses will have until next year to comply with workplace pensions legislation.

Research shows that 27% of those are not considering their options and 52% are thinking they won't have any problems finding a provider.

If businesses of between 5 and 49 employees don't comply by the deadline they will be fined a substantial GBP 500 a day.

Of 400 SMEs interviewed 34% admitted they don't understand how auto-enrolment minimum contributions are calculated.

Morten Nilsson CEO at NOW:Pensions urges business owners to 'wake up'...auto enrolment is complex and research is needed.

If you are planning to rely on your existing provider, talk to them early to check they are willing to help.'

First published 05.06.2015

ceri.pugh@wilmingtonplc.com