Sipp and SSAS firm warns businesses over auto-enrolment

A Sipp and SSAS firm has warned businesses of "disastrous consequences" if they fail to get their auto-enrolment schemes in place after its research found fears about the costs involved. Preston based financial advisory firm Taylor Patterson hosted a recent regional think tank to address the thoughts and worries of businesses in the region regarding the looming auto enrolment surge.Some 60% of business owners surveyed said they feared the true cost of auto enrolment whilst 48% 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. {desktop}{/desktop}{mobile}{/mobile}Paul Jackson, employee benefits manager at Taylor Patterson, said: "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."Taylor Patterson cited a recent report published by the Centre for Economics and Business Research, which 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 said: "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."The firm is holding a free breakfast/expert panel discussion on 10 June.For more information email This email address is being protected from spambots. You need JavaScript enabled to view it. .

Sipp and SSAS firm warns businesses over auto-enrolment

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