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CIPD urges SMEs to plan ahead for auto-enrolment

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Lawson-West Solicitors - Expert Author

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Published 9th January 2014 

The Chartered Institute of Personnel and Development has urged SMEs to plan ahead for auto-enrolment to pension schemes to avoid unnecessary costs and also guarantee they get access to the best advice and pension schemes.

A recent CIPD report, Pensions auto-enrolment: the lessons for SMEs, warns that any company staging in 2014 needs to start preparations now to overcome the challenges associated with limited resources.

CIPD performance and reward adviser Charles Cotton explained of SMEs: "They are unlikely to have access to the same levels of expertise or support networks as their larger counterparts, and many fear it could be a costly exercise for their business."

The study undertakenfound many SMEs are afraid that it will be difficult to absorb both the administrative costs of adopting auto-enrolment and the cost of their employer contributions.

More than a quarter anticipate they will need to reduce salary increases, with 22% expecting to need to implement a pay freeze in order to cope with the costs.

By Vaishali Thakerar


About the Author

Lawson-West specialise in commercial, business and employment law. Our team of dedicated commercial solicitors can help with buying or selling a business, business law and disputes, landlord and tenant issues and commercial property. Our expert employment team can offer practical advice and guidance on all aspects of employment law including redundancy, compromise agreements and dismissal procedures. Visit www.lawson-west.co.uk for more information.



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Article Published/Sorted/Amended on Scopulus 2014-01-31 09:14:24 in Business Articles

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