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Professional Pensions - How employee benefits for SMEs are changing

Working for an SME used to mean having limited benefit options. Owain Thomas explores why that is changing and what opportunities are now open to employers.

Small and medium sized enterprises (SMEs) are the lifeblood of the UK economy. They account for 99.9% of all private sector businesses and employ 15.7 million people, approximately 60% of all private sector employment.

Furthermore, according to the latest data from the Department for Business, Energy & Industrial Strategy, SMEs' combined annual turnover was £1.8 trillion, or 47% of all private sector turnover.

Yet for many years, for one reason or another, they have been locked out of offering the full range of workplace benefits which have customarily been available to larger firms.

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