Fifty-six per cent of employers are completely unaware as to what auto-enrolment is, or do not even realise that it applies to their business according to latest research carried out by RSM Tenon.
According to the RSM Tenon business barometer, a survey interviewing over 300 managing directors, finance directors and senior directors at small and medium sized businesses found that 70 per cent of SMEs had made no plans at all with regards to auto-enrolment.
Furthermore, 56 per cent of SMEs do not realise that their employment costs will rise within 18 months. Forty per cent of SMEs do not offer a pension at all and a further 5 per cent offer a pension but has no members.
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