Pictured above: Tracey Hackett, HB&O financial services

The time for employers to prepare for new pension laws is running out, a group of Midlands financial experts has warned.

The Government has published the Pensions Bill 2011, which introduces a number of new measures previously announced by the Coalition Government.

Now Leamington and Coventry based Chartered Accountants and Financial Advisers Harrison Beale and Owen (HB&O) has urged employers to prepare now to avoid being caught off guard by the changes.

Since October 2001, employers with five or more employees have been required to provide access to a stakeholder pension.

This requirement is soon to be replaced with the introduction of auto-enrolment from October 1, 2012 which will require employers to provide workers with a workplace pension plan or enrol them in the National Employment Savings Trust (NEST).

Employers will be required to contribute to the plan and operate payroll deductions of their employees' contributions.

Tracey Hackett, director of HB&O's financial services team, said: "This bill transforms the pensions landscape for employers, who will need to plan how they will provide workplace pensions for their employees.

"Failure to react to these changes could result in long-term problems for businesses and important financial consequences.

"My advice is to talk to your accountant and financial advisors about these changes now."

The new requirement will be introduced in stages according to the size of the employer. The minimum contribution levels will be phased in over a period up to October 1, 2017.

For more information on how these changes could affect employers, or to book a consultation, contact a member of HB&O's financial services team on 01926 422292.

For further information on HB&O, please visit their website: www.hboltd.co.uk