Towergate Financial, the Maidstone-based financial planning and consultancy business, has launched a "plug and play" new pension scheme for smaller businesses.

The new "Workplace Pension in a Box" has been developed with HSBC for businesses with fewer than 20 employees. It is designed to counter fears about new legislation coming into effect next year.

From October 2012, employers will have to automatically enrol eligible staff into a pension scheme and invest a minimum percentage of salary.

Research by the Association of Consulting Actuaries (ACA) found that 53 per cent of small and medium enterprises (SMEs) believe the reforms will significantly add to costs, while 29 per cent may cut pension contributions as a result.

Towergate says it is a simple, plug-and-play pension scheme which is easy to administer and will be used to meet the employer's pension reform duties.

Rebecca Harris, financial adviser at Towergate Financial, said the scheme would enable SMEs to be ahead of the changes and to plan budgets.

"Acting now is also a positive move for staff who will be reassured that their employer is making plans for their pension provision."

Rob Pearce, head of HSBC Workplace Retirement Services, added: "HSBC is committed to helping individuals prepare for their futures and we will continue to work in partnership with corporate advisers to put in place the right solutions for employers and their employees."