More than 40% of small firms to consider closing pension scheme

Around 41% of small businesses are considering closing their existing pension scheme ahead of the Government’s planned changes in 2012, according to a survey carried out by the Association of Consulting Actuaries (ACA). The Government plans to make it compulsory for employers to enrol their employees into a pension scheme from 2012. The ACA survey results also show that 86% of small business owners are planning to review their pension provision because of this impending change, while only 16% of employers have budgeted for increases to costs due to the changes.

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