ST HELENS Chamber is warning all companies employing at least five staff and have made no moves towards setting up a pension scheme, to act now.

Companies must designate one of the new stakeholder pension schemes for their staff by October 8, 2001 if they do not already provide a company pension scheme.

Janis Maleedy of St Helens Chamber stated: "We are informing local employers who have not started preparing that they already risk missing the deadline and landing fines of up to £50,000 for failing to comply with the legislation. In some circumstances managers could face personal fines of up to £5,000 if the failure to offer a scheme is deemed to be due to a breach of duty, neglect or lack of support".

St Helens Chamber has organised a free workshop on Friday, August 10 from noon to 2pm to provide members with detailed information on the Chamber Pensions Stakeholder and advise on how it will affect their business.

The chamber has developed a stakeholder pension solution, in conjunction with the British Chambers of Commerce and Prudential, exclusively for chamber members. Unlike other types of stakeholder schemes, the Chamber Pensions Stakeholder is governed by a trustboard that includes chambers of commerce personnel. This means that the chamber movement can monitor the scheme and ensure that the best interests of chamber members are maintained.

For more information about the stakeholder pensions event or to reserve a place, contact Janis Maleedy at St Helens Chamber on (01744) 742044.