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Business loan for exploring pensions challenge
Reported on Thu, 08 Jun 2006
The Confederation of British Industry (CBI) has warned that the government's proposed pensions reforms could damage businesses unless they receive a proper support package, but taking out a business loan could help meet the challenge of the new financial climate.
CBI director general Sir Digby Jones said businesses "welcomed" the principle behind the National Pensions Saving Scheme (NPSS) but had concerns about how it would operate in practice, with bosses now required to make additions to the saving funds of their staff.
He said there would be "anxiety" within the business community "that the government is forging ahead with compulsory employer pension contributions despite the potential damage it could inflict on firms, particularly smaller ones".
Sir Digby added: "At the very least the government must commit to a package of financial support for small firms to help them adjust and absorb the additional costs."
The CBI has calculated that compulsion will cost employers an annual collective total of £2.3 billion, with the Pensions Commission recommending that companies be given a total package of £600 million in support to help accommodate the changes.
Companies concerned about the impact of the NPSS on their profits could take out a business loan to invest in independent consultation about the coming reforms.
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