Micro Firms should be Exempt from Pension Reform Timebomb
All micro firms (small businesses with 10 employees or fewer) should be exempt from the automatic enrolment pension scheme due to come into force in 2012, the Federation of Small Businesses (FSB) said today. The FSB is calling for all micro businesses to be exempt from automatically enrolling their staff into a pension scheme to remove the regulatory and financial burden on these businesses. Responding to the consultation, Government review of automatic enrolment, the FSB warns that the cost and time spent on administrative work will damage micro firms and that the pension schemes set up by Government do not meet the needs of micro firms. The proposed changes are also very complicated for small businesses to put in place, and the FSB is concerned that small firms do not have the expertise ... »