Lethargy among small business owners, combined with a potential capacity crunch among expert advisers could lead to the perfect storm for accountants when it comes to auto enrolment (AE), says Anthony Carty, group financial planning director at Clifton Wealth.
Much has been written about the ‘how to’s’ and ‘wherefores’ of AE. The fact is, the initiative is underway; has already seen more than one million employees sign up to pension schemes; and, in general, the large corporates have coped relatively well with the infrastructure changes and communication surrounding AE.
Among the early surprises – even to The Pension Regulator (TPR) itself – is that despite predictions of around 30% of staff choosing to opt-out of the mandatory scheme, only some 10% have actually done so, according to the latest government figures.
Equally, TPR is clearly taking its remit extremely...