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Stakeholder is no longer a top priority for small businesses The fear of recession has overtaken stakeholder pensions as the priority for small businesses according to figures from Marks & Spencer Financial Services released today.

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Introduction

Stakeholder is no longer a top priority for small businesses The fear of recession has overtaken stakeholder pensions as the priority for small businesses according to figures from Marks & Spencer Financial Services released today. Less than one in ten small businesses (8%) spontaneously mentioned that stakeholder pensions were a key issue for them, compared to 20% in January 2001. In comparison recession and lack of growth in the business is now a key issue for 12% of businesses with 5-250 employees, whereas only 2% mentioned it last year. ...read more.

Middle

This compares to 60% and 37% respectively in April. While this is positive news, one in five employers (22%) still say they have no pension provision in place for their employees at all and therefore have a long way to go to meet the 8th October deadline. Nonetheless the research highlights that many small business employers have turned their attention away from thoughts of stakeholder pensions and are now more concerned with a possible recession in the UK. ...read more.

Conclusion

Stakeholder pensions are low cost and easy to implement - one phone call and it is one less worry for the employer." "It is clear that, so far, the threat of a fine has done little to encourage companies to comply with stakeholder regulations. In hindsight it may have been a more positive move for the Government to incentivise compliance - giving companies something in return for their actions (perhaps offering companies further tax breaks for a limited period)." ...read more.

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