- 56% of businesses reported being quite or completely unaware of the Government's plans for pension reform.
- A mere 16% of respondents claimed they were aware of when the formal changes to pension provision are set to come into force.
- When asked, "Has your business received any information about the Government's proposals for pensions reform?", only 6% were able to answer yes.
- The Department for Work and Pensions has estimated that the cost of the changes on small and medium sized businesses will be £1.6 billion. However, just 10% of businesses surveyed knew how much the reforms would cost them.
“Given the radical changes proposed in the Bill, and an estimated £1.6 billion cost to small and medium sized enterprises, our survey results demonstrate just how important it is to ensure that all employers are made fully aware of their new obligations."Not enforcing the changes until 2012 is a smart move as it allows employers some time to phase in the reforms. But as our survey clearly shows, more action is needed to improve employer awareness so that businesses are not caught out and left unable to safely plan for their financial future."