Survey shows firms still in the dark over pension provisions

With only six months to go until stakeholder pension requirements hit law firms, nearly 90% have no idea that it could affect them, according to research released this week.

Of 292 law firms surveyed by financial services law firm Armstrong Neal, 88% did not think that stakeholder pensions would affect them.

Most of the remaining 12% of firms which knew they would be affected were waiting for guidance on what to do next.

From April next year, employers with more than five employees will be required to 'facilitate' access to stakeholder pensions.

Firms could face fines of up to 50,000 if they fail to have arrangements in place by October 2001.

Armstrong Neal partner Gareth Fatchett said he feared that a large number of law firms would be ill-prepared for what was a very important change in pension provision.

Sue Allen