New pension law will affect small businesses

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From today, 1 June, any small businesses employing at least one person will be obliged to offer their staff pensions under the new automatic enrolment programme.

Under the new rules, all employees aged 22 and over, earning more than £10,000 a year will now have the right to a workplace pension unless they choose to opt out.

The Pensions Regulator overseeing the programme says those who do not comply could receive a fine of £400.

The regulator says it is working, along with 200 support organisations to make sure people get proper advice. Each employer has a ‘staging date’, by which they need to comply with the new law,

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