Plans to begin implementing auto-enrolment pension schemes in 2012 will hamper the ability of smaller firms to run their businesses, it has been claimed. A new survey from the Institute of Directors (IoD) found that over a half of the businesses polled (57 per cent) thought that the administrative burden imposed by the rules will be high or very high.
The auto-enrolment programme, which will begin its phased introduction in October 2012, means that, over time, employers must include staff in occupational pension schemes, although workers will be granted the opportunity to opt out if they so choose. (more…)