Retirement calculator regulations will cost small firms, says FSB

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Retirement calculator regulations will cost small firms, says FSB

Mike Cherry, policy chairman at the organisation, said the minimum it will cost small firms will be an extra £2,550, but there is no knowing how "extortionate" the situation will be in reality.

"It is vital that everyone is able to save for their future but the automatic enrolment scheme is going to cost the smallest businesses dear," he remarked.

Mr Cherry accepted the government is attempting to make the process as easy as possible for companies, but he called for a full impact assessment to be carried out.

The FSB pointed out that from 2012 businesses will need to pay at least three per cent of their staff's wages into a pension.

This week, the Financial Services Authority proposed a series of changes to its handbook to allow it to keep pace with the reforms being brought in by the coalition government.

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