Companies unaware of pension proposals

UK businesses appear to be oblivious to the government's far reaching proposals for pension reform. The British Chambers of Commerce (BCC) says that more than half the companies it surveyed on the subject had little or no awareness of the government's proposals, which are due to come into force in 2012. Only 6% said they had received written details.

The bill, which is currently passing through the House of Lords, seeks to force employers to automatically enrol their staff into a pension scheme. The BCC believes this will add to the employment costs of one million small firms. And while the changes are not due for another four years, it is clear that businesses are unable to plan ahead unless they are made fully aware of the consequences.