News New pension rules warning
size of company, with the most pressing deadline for very large employers. From October 2012, they are required to contribute at least one per cent, matched by the employee. By 2018, the combined contribution must be at least eight per cent, and a minimum of three per cent must come from the employer. Employees can opt out, but employers face prosecution if they attempt to infl uence their decision. Steve Bratt, ECA Group
The ECA is urging contractors of all sizes to prepare for the government’s new auto- enrolment pension scheme. Auto-enrolment will make
it compulsory for employers to enrol all eligible jobholders onto a pension scheme. This will occur in stages over the next fi ve years, depending on the
CEO, commented: ‘Our largest members are unlikely to be involved until 2013. However, by 2018, even fi rms with just one member of staff will need to have auto-enrolment in place. Medium to large contractors should review their current pension arrangements immediately.’
Survey shows reduced optimism
Optimism among companies in the electrical contracting
sector has reached its lowest level for three years, according to new research from the ECA. According to the ECA’s Quarterly
Business Trends Survey for the second quarter of 2012, 44 per cent of ECA members are predicting a drop in turnover over the next year. This fi gure is the highest since Q2 2009, when 54 per cent of members expected income to fall, and up seven per cent on 2011, when 37 per cent of members expected turnover to decrease. However, while the majority of members are pessimistic about the future, a signifi cant minority (24 per cent) predict an increase in revenue over the next 12 months – the highest for a year. Across the electrical contracting
sector as a whole, turnover performance was low for the second quarter of 2012, with 51 per cent of
companies reporting a decrease in the last quarter. This fi gure was up 13 per cent, from 38 per cent, on the previous quarter. Businesses with a turnover of up
to £200,000 per annum were some of the worst hit, with 57 per cent reporting a decrease in revenue for Q2. These companies do not expect an improvement for the next year, with 48 per cent anticipating a drop in turnover. The survey showed that fi rms with
a turnover of £1m-£5m also suff ered, with 41 per cent of these seeing a decrease in revenue in Q2 2012. Forty seven per cent predict a reduction in turnover over the next year, mirroring the pessimism of businesses with a turnover of up to £200,000. Steve Bratt, CEO of the ECA,
commented: ‘Life is tough for the electrical contracting sector at the moment, in common with the rest of the construction industry.’
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