Many printing firms are still unaware of the penalties for failing to sign up for a stakeholder pension scheme, the Printing Industry Pension Scheme (PIPS) has warned.


PIPS consultant Barry Dixon said a lot of companies hadnt yet addressed the stakeholder scheme.


"Then there is a percentage that have said its simply too early," he added.


Stakeholder pension schemes officially started last Friday (6 April), but companies have until 8 October to comply. All firms with five or more employees are obliged to offer pension provision under the stakeholder legislation.


The maximum fines for failure to comply with the stakeholder scheme are 50,000 per company and 5,000 per director.


PIPS has signed up more than 230 companies and Dixon said it hoped to secure over 300 by October.


It has also lowered its single price charge for pension administration and promotion from 0.87% to 0.85%.


Dixon said the scheme was a lot more straightforward than some advisers had made out. "Employers that have signed up are pleased because we relieve them of some worries," he added.


Story by Gordon Carson