MANY of Bolton's small firms risk missing the Government's deadline for the introduction of stakeholder pensions, chartered accountants say.

The latest research shows that nationally, more than half -- 54 per cent -- have yet to make plans, while one in 20 have no idea what is required.

Companies with more than five employees have until October 8 to offer access to stakeholder pensions, or face fines of up to £50,000 if they fail to do so.

Bill Dawson, President of the Bolton Society of Chartered Accountants, said stakeholder pensions were designed for up to three million workers earning between £9,000 and £20,000 a year who did not belong to a pension scheme.

"It is alarming that so many companies still seem to know very little about the new scheme, or haven't put anything in place for their employees," he said.

"They take about three weeks to set up, so with very little time left, these firms should take expert advice as soon as possible or they could face crippling penalties if they miss the deadline".

Stakeholder pensions are a low-cost initiative, carrying a maximum annual charge of one per cent.

Contributions by employees receive tax relief, and can be as little as £20 a month, or up to £3,600 a year. ALARMED: Bill Dawson, President of the Bolton Society of Chartered Accountants and a partner with Deloitte & Touche.