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Government warns small businesses over stakeholder

Small UK businesses have been warned by the Government they risk being fined up to £50,000 if they ignore stakeholder pension regulations.

Stakeholders come into force in April 2001 and every company with more than five employees is legally obliged to set up a scheme.

However, research by Axa Insurance on 540 small businesses nationwide found that two thirds had no idea they had to set up a scheme for their employees.

The Government hopes stakeholder pensions will give people earning between £10,000 and £20,000 a year an affordable company scheme.

The DSS and the Occupational Pensions Regulatory Authority have launched special websites to advise companies on how set up the schemes.

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