Lagging behind on pension

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Almost two-thirds of UK small businesses are no nearer enrolling staff in a workplace pension scheme required under new legislation, says a new report from the Chartered Insurance Institute.

Research among 500 firms with up to 49 employees, shows 42 per cent have not thought about the new regulations for automatically enrolling staff in a pension scheme.

Nearly a quarter are considering the regulations but are yet to take action.

Most businesses of this size know little or nothing about the pension reforms, which begin to take effect for large firms from October 2012. Only 8pc having an implementation plan in place. The ‘staging dates’ for the smallest businesses are now extended from June 2015 to April 2017.

Currently, six out of ten firms employing fewer than 50 staff do not offer employees a workplace pension scheme.

with just 27 per cent making a provision for st