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Pensions deadline

News

NEARLY 20,000 construction companies are facing fines of up to £50,000 for failing to set up stakeholder pension schemes.

Research by Virgin Direct shows 31 per cent - 19,600 - of construction companies plan to leave setting up stakeholder schemes to the last minute.

But the October 8 deadline is only weeks away and firms are risking fines from the pension regulators for non-compliance.

Virgin marketing manager Gordon Maw said: 'There are above average number of firms in the building industry who intend to leave it all to the last minute.

'Unfortunately they may well find it difficult to actually get a scheme set up in time and could get clobbered with a hefty fine as a result.'