IFA Promotion is running a stakeholder marketing campaign to alert directors of small businesses to the risk of an Opra fine for not offering an appropriate pension scheme.
The campaign says directors must get advice on what constitutes a stakeholder-compliant scheme or risk a £50,000 Gov-ernment fine if they miss the October 8 deadline.
The direct mailshot is being sent out this month to 100,000 directors in the UK. The main aim of the campaign is to raise awareness of stakeholder as well as enc-ourage businesses to seek advice on setting up group pension sch-emes for employees.
IFAP research reveals that more than 350,000 small businesses have yet to designate a group pension scheme and it hopes the campaign will contribute to reducing this number.
The mailshots will focus first on the threat of a fine and recommends that key decision-makers should contact IFAP's business hotline for details of local IFAs with expertise in group pension scheme planning.
The campaign's second phase of mailings will be sent out in September.
Chief executive David Elms says: “Companies have little time to wake up to stakeholder and we are prompting them to seek local expert advice so they can avoid a potential £50,000 penalty for their apathy.
“Our ultimate goal is to drive up the number of businesses taking independent financial advice since this corporate advice represents an increasingly valuable income stream for our members.”