SMEs fail to plan for future
Jan 11 2007
Nearly 40 per cent of all small business owners have absolutely no pension plan or provision in place for either themselves or their staff, says new research. Indications are that 83 per cent of the current workforce will arrive at retirement with no employer-provided pension to see them through.
The survey, conducted by small business telecoms provider Unicom, indicated that only 17 per cent of small business staff currently benefit from a pension plan, leaving up to 83 per cent consigned to nothing more than a state pension should they have no pension arrangement outside work.
Just two per cent said that as business owners or managers they did not have a pension provision for themselves, but did have a plan in place for staff.
'Small business owners and their staff are among the hardest working but also most vulnerable,' says Chris Earle, operations director at Unicom. 'We were astonished to discover that 38 per cent of the business owners we interviewed confirmed they had no pension arrangement whatsoever.'
Click here to read about forthcoming changes to pension legislation.
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