Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2016
06

Small business owners 'fearless' over auto-enrolment 

Open-access content Friday 3rd June 2016 — updated 8.36pm, Wednesday 6th May 2020

UK small firms are relatively relaxed about responsibilities of enrolling staff into a pension scheme, with only 3% citing auto-enrolment as the biggest business concern.

According to a survey of 350 owners of UK small businesses - those with fewer than 50 employees - found more than a third (34%) of respondents had concerns over sales, while one in eight worried about access to finance. 

The study, commissioned by NOW: Pensions, said entrepreneurs were calling on the UK government to reduce the amount of red tape involved with running a business, with 19% claiming less paperwork and increased access to government grants would "make a big difference".

Morten Nilsson, CEO of NOW: Pensions, said: "With so many other things to think about it's easy to see how auto-enrolment can slip through the cracks."

Citing from its own data, the firm said that of the companies that had signed up in the first quarter of 2016, more than a third (37%) completed their application either very close to their staging date or after the deadline had passed.

Nilsson added: "The penalties for non-compliance are steep, as much as £500 a day for firms employing five to 49 people, so small firms need to give it the attention it deserves."

 

Biggest business concern this year:

Sales - 34%

Access to finance - 12%

EU referendum - 7%

Government spending cuts - 7%

Not being able to keep up with technology - 6%

IT security - 4%

Auto-enrolment - 3%

National living wage - 2%

Attracting and retaining staff - 2%

 

Lack of skilled workers - 2%

This article appeared in our June 2016 issue of The Actuary.
Click here to view this issue
Filed in
06
Topics
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ