Good day to you. We're busy considering the implications and impacts of auto enrollment. I recently attended a conference all about it and the speaker stated "the cost of doing business in the UK just went up".
I thought this was a little OTT. But the more we look into it, the more I am tending to agree with him.
It's the compliance costs which will catch many small employers out, along with the new fines and penalties which seem to be more and more part of everyday life. And that's before you even start to make contributions.
Of course, the smaller employer can complete all this themselves. But a small employer is usually so bogged down in just simply running the business, this is another headaceh they really could do without.
So we're building a system, which we aim to make affordable and as simple as possible. We've decided against a totally automated online system. We want a personal hands on feel for what's happening. We know many small employers will want to just get on with running their business and keep their time involved with AE as low as possible, so we're building a system that can do that.
It's a headache yes. But we're getting there.