Banks are turning small to medium businesses down for loans because they cannot provide evidence of Auto Enrolment planning, a new report has claimed.
Auto Enrolment is the biggest shake-up of pensions for a generation – and will result in millions of workers across the UK being pushed into saving money for their retirement, many for the first time.
Yet lots of people, including employers, are still in the dark about it.
A new report – which can be read at http://www.plansponsor.com/Auto_enrolment_hits_SME_funding.aspx – says that some companies are being denied funding, as their future business models do not factor in the cost of administering a scheme and paying contributions.
Many companies have up to four years before they have to introduce a workplace pension scheme, and some are still unaware of their duties under the law, with the Pensions Regulator not making initial contact with firms until a year before their staging dates.
But businesses need to start getting to grips with the new pension rules as soon as possible.
And perhaps this is where Lifetime can help.
We excel at simplifying complicated financial matters. We can cut through the murk to find the precious nuggets of information vital to an uncertain employer, who may well be wondering:
What is Auto Enrolment?
What do I need to do?
When will I have to comply?
What happens if I don’t?
Are all my workers affected?
How much will it cost?
We can answer all the big questions – and clients can rely on us to reduce their concerns.
By planning ahead and taking action now, employers can avoid taking a wrong turn. By letting Lifetime operate as the ‘sat nav’, the right destination could be reached, in comfort and with time to spare.