Accountants letting SMEs down on auto-enrolment advice
In the News | | Economia
Almost half of accountants admit to not knowing enough about auto-enrolment despite nearly two-thirds of SMEs turning to their accountants for advice about the pension legislation.
A report by employee benefits adviser Helm Godfrey has raised concerns over the lack of auto-enrolment knowledge among accountants, warning that the knowledge gap puts SMEs at risk of ending up with unsuitable pension schemes.
The report, which aims to provide guidance to accountants and SMEs on navigating the auto-enrolment process, found that 43% of accountants surveyed admitted to an auto-enrolment knowledge gap being their own biggest challenge when it came to advising businesses.
It added that 41% said they had difficulty navigating the detail of auto-enrolment while 32% said they had concerns about finding the right advice for clients.
Over half (56%) of accountants surveyed said they are telling all SMEs to choose the government’s National Employment Savings Trust (NEST) scheme, without apparently researching whether this would be the best option for them.