The Federation of Small Businesses (FSB) warns that potential pension reforms could significantly strain small employers amidst rising costs. Research highlights complexities with current auto-enrolment rules that already burden these businesses. Proposed reforms, such as increasing employer contributions and broadening the earnings threshold for pensions, could negatively affect many firms, prompting them to raise prices, reduce hiring, or cut profits. FSB is urging for thorough examination of these changes to mitigate adverse impacts on small businesses, emphasizing the need for a better understanding of the financial and administrative strain involved.
Prospective pension reforms could see small firms raise prices, cut jobs or slash profits; the Federation of Small Businesses (FSB) has warned.
If employer pension contributions were to double to six per cent, 92% of small employers would have to change their business negatively to cope.
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