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05-Jun-08 11:15 [Pensions]
Businesses unaware of pension reform A new survey has shown that over half of UK businesses are quite or completely unaware of the government's pension reform plans.
The British Chambers of Commerce research of 250 businesses, which was commissioned by Populus, was released before the Pension Bill has its second reading in the House of Lords
It has been speculated that from 2012 the personal accounts system could add to the employment costs of around 966,000 firms in the UK.
David Frost, director eneral of the British Chambers of Commerce, said: " Given the radical changes proposed in the Bill, and an estimated £1.6 billion cost to small and medium-sized enterprises, our survey results demonstrate just how important it is to ensure that all employers are made fully aware of their new obligations."
The survey found that 56 per cent of respondents reported that they are quite or completely unaware about proposed pension reforms, while "a mere" 16 per cent are aware of when they will come into force.
In 2005 the Department for Work and Pensions introduce state pension deferral allowing people to put off claiming state pension, which was aimed at helping some people increase the amount of money available to them.
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