Managers appear to be in the dark over plans for changes to UK's the pension system despite the fact it could cost SMEs up to £1.6 billion, new research shows.
A study by the British Chambers of Commerce (BCC) reveals that 56 per cent of businesses feel they are "quite" or "completely" unaware of the details of the pensions bill, which is currently before Parliament.
Under the proposals employers will have to enrol their staff into a qualifying pension scheme if they have not done so themselves.
The changes, which would come into force in 2012, are expected to increase costs for nearly a million SMEs.
However, only ten per cent of respondents to the BCC survey knew how much the reforms would add to their operating costs.
David Frost, chairman of the body, said: "Not enforcing the changes until 2012 is a smart move as it allows employers some time to phase in the reforms.
"But as our survey clearly shows, more action is needed to improve employer awareness."
The latest pensions bill is the second phase of reform proposed by the Labour government, the first amended the state pension system and became law in July last year.
