Employers told to act now on pensions reform

Small businesses are being told to seek financial advice as soon as possible to explore all the options available to them. The Pensions Bill received Royal Assent on 26 November, becoming the Pensions Act 2008 and, while many of the reforms will not be implemented until 2012, Standard Life says early planning is vital to ensure employers are not caught out by the changes. Firms will need to provide some form of pension provision for all staff from 2012, and auto-enrol employees with a 3% employer contribution. "This Act brings massive new responsibilities for employers," explains seni...