Member Article

True cost of auto-enrolment sparking fear for Lancashire business owners

Preston-based financial advisory firm Taylor Patterson has hosted a recent regional think tank to address the thoughts and fears of local businesses regarding the looming Auto Enrolment surge.

Local businesses were recently surveyed to find out what obstacles are delaying the preparation of their business and employees for auto enrolment.

A full 60 per cent of business owners surveyed feared the true cost of auto enrolment whilst 48 per cent were concerned that the time needed to implement the new systems would have a huge impact on the day to day running of the business.

Paul Jackson, Employee Benefits Manager, Taylor Patterson explains, “Although businesses are worried about the cost and the time constraints implementing such rigorous processes and procedures, by pre-planning and getting the correct advice, businesses can save thousands in the long run.

“Failure to comply and avoiding the new legislation can have disastrous consequences, as they may be subject to hefty fines.”

A recent report published by the Centre for Economics and Business Research, claimed that the average cost of auto enrolment for small businesses could be up to £8,900. Small-to-medium sized businesses with up to 100 employees would need to set aside a budget of at least £12,600.

Mr Jackson added: “Cost and time management seem high on the priority list of business owners, however, with adequate preparation and the right support, the amount of time and money spent on auto enrolment can be significantly reduced.”

This was posted in Bdaily's Members' News section by Simon Malia .