View more on these topics

SMEs call for auto-enrol staging date delay in wake of Budget

Firms yet to roll out auto-enrolment to their employees have called for a delay to their staging dates until there is more clarity on the Budget changes.

Based on a survey of 414 companies carried out by the Association of Consulting Actuaries, 98 per cent of small and medium-sized firms say they should not have to auto-enrol staff while legislation introducing changes to pension funds charges and new freedoms has not passed through the House of Commons.

However, nearly six in ten employers were supportive of the Government’s freedom and choice agenda.

The survey also revealed the vast majority of firms were planning to use Nest as their auto-enrolment scheme.

Some 57 per cent of employers with between 10 and 49 members of staff expected to use the Government-backed provider, as did 70 per cent of employers with fewer than 10 employees.

A further 54 per cent of the smallest employers were unaware of when their staging date was.

ACA chairman David Fairs suggests the Government might need to consider “financial incentives” to help SMEs struggling with the costs of auto-enrolment.

He says: “In the longer term the ACA is of the view that average pension and savings rates must increase so more people enjoy a comfortable income in part or full retirement, so we support initiatives such as auto-escalation and extension of contributions to all earnings up to a ceiling. But in the near term the Government may need to be pragmatic and consider financial incentives to deliver the desired policy outcome.”


Caroline Wayman

FOS chief hits out at ‘outrageous’ insurer complaint stats

Financial Ombudsman Service chief executive Caroline Wayman has hit out at the “outrageous” uphold rates from complaints against insurers. Speaking to the Treasury select committee last week, Wayman (pictured) said it was wrong the FOS upheld complaints against insurers in half of cases even after firms had been given the chance to put matters right. […]


FCA: What we are doing to prevent future fund collapses

“Active fees for index performance.” That is certainly not the way you would expect a fund manager to describe the industry, let alone a manager as well-known as Neil Woodford in recent remarks to the BBC. He went on to suggest fund managers could and should do things differently, working with regulators and consumers to […]


Govt minister says lenders are acting against ‘spirit’ of MMR

Government deputy chief whip Lord Dick Newby says lenders are acting against the “spirit” of the mortgage market review. Speaking in the House of Lords earlier this week, the Liberal Democrat peer says he hopes the FCA will review how lenders are treating older borrowers after the MMR. In a debate on bridging loans this […]


MPs press Treasury over £20bn pension tax loophole

MPs have piled the pressure on the Government to deal with a massive pension tax loophole created by its Budget reforms. At the Pension Schemes Bill public committee hearing yesterday, MPs raised concerns about the potential for tax avoidance from new pension freedoms. Under the new rules, anyone aged 55 or over could use pension […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. The response would perhaps be the same if the question was “Should you not have to auto-enrol staff …. ” and any other statement was then added (until pigs fly perhaps?)

    It will be a long wait if it’s decided AE must wait until there is no pension legislation change / proposed change / change in the pipeline.

  2. Of course it should be delayed – how about 2099?

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm