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FSB urges firms to act on pensions

FSB is warning firms that have yet to get to grips with auto-enrolment to take action now.

Over the next two years, more than a million small and micro-businesses will have to set up a pension scheme for the first time, and these will need to stand up to scrutiny from regulators. There are fears that some master trust schemes marketing themselves to small businesses are poorly governed and financially unsustainable.

“I would encourage small business owners to be prudent when making their choice of pension scheme and, if necessary, seek assistance from trusted third parties before committing to a particular provider,” said Mike Cherry, FSB National Chairman.

Research from FSB shows the top three sources of information and support that businesses expect to turn to when introducing a workplace pension are their accountants (56 per cent), the FSB (37 per cent) and the Pension Regulator website (33 per cent).

FSB has established a workplace pension product specifically to help small business owners meet their auto-enrolment duties.

For more information, visit  fsb.org.uk/benefits