TIME is running out for too many employers in North and East Yorkshire who think they can leave organising a stakeholder pension scheme for their employees to the last minute. They risk being stung by huge fines.

That's the warning from Jonathan Beckerlegge, York-based deputy president of the Association of Chartered Certified Accountants, who is also ACCA spokesman for Yorkshire.

Mr Beckerlegge was prompted to urge employers to "get going now" by the latest ACCA figures which show that there are still thousands of employers in our region among the more than 30,000 nationwide who have yet to comply with the law.

He said: "With thousands of people still to take holidays it seems inevitable that many firms will now miss the October 8 deadline and run the risk of fines of up to £30,000 from the Occupational Pensions Regulation Authority. (OPRA)".

From October 8, firms which employ five or more people, full or part-time, must offer access to stakeholder pension schemes.

Before designating a scheme, the employer must first consult with staff, then establish which of them wants to join a scheme and finally work out how contributions will be paid over to the pension provider.

Mr Beckerlegge warned: "The whole process could take longer than expected and if managers or staff are on leave it will add to the delays."