HUNDREDS of small firms in Lancashire could be crippled by £50,000 fines if they miss a government deadline to introduce stakeholder pensions, warn chartered accountants.
Companies with more than five employees have until October 8 to offer access to the scheme, which is designed for workers earning between £9,000 and £20,000 a year who do not have a pension.
Douglas McMillan, president of the North West Society of Chartered Accountants, said research showed 54 percent of companies had yet to make provisions for the pensions scheme.
He added that this was alarming with so many companies knowing little about the scheme and not bothering to put anything in place.
"They take three weeks to set up, so with very little time left, these firms should take expert advice as soon as possible or they could face crippling penalties," he said.
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