Calls for changes to Bermuda's new national pension law were yesterday blown out of the water by Finance Minister Eugene Cox.

And he took aim at claims by Bermuda Employers' Council president Gerald Simons that pushing ahead with the proposals could cripple already struggling small or vulnerable businesses.

Mr. Cox pointed out that the previous UBP Government had consulted widely before bringing the Pensions Act to Parliament.

He said: "This is a very strange time for Mr. Simons to be having second thoughts -- a most inappropriate time, I would have said.'' And Mr. Cox added: "I would have thought it would be a great deal more constructive for the Employers' Council to spend their time thinking of ways they can help these businesses they say are going to be badly affected instead of rehashing old arguments in this apparently pointless way.'' Mr. Cox spoke out after Mr. Simons called on members to petition Mr. Cox in a bid to force changes to the pension law, due to come into force next year.

He said the Act was "all-encompassing, excessive, overwhelming and rigid.'' And he called for exemptions to be granted to employers with a handful of workers -- and warned the law as it satnds could be the death knell for start-up entrepreneurs.

He added he also wanted to see only the primary employer having to fork out -- not the 720-hours-year rule introduced by the Act.

Mr. Simons also said pensions should start later -- at age 25 after five years in the job, not at 23 and two years in post -- and for the employers' vesting period to be extended from two to five years.

Bermuda Small Business Development Corporation general manager William Spriggs, however, poured cold water on the claim that businesses would be forced to close their doors.

And he branded the statement as "scare tactics'' -- while insisting pensions legislation would not on its own kill off small firms.

Mr. Spriggs added that phasing in the full contribution over several years would allow small businesses to absorb the impact.

Mr. Cox said the Pensions Act had been passed by the former UBP Government -- and said there would no U-turn by the PLP administration.

He added: "The Progressive Labour Party is wholeheartedly in favour -- while it may require some adjustment in the business community, it's a great advancement for Bermuda society.

"It will put us in the front rank of nations from the standpoint of taking care of the well-being of our elderly folk.'' And he added that Bermuda had drawn on experience overseas before drawing up its legislation.

Mr. Cox said: "The international consultants who advised us on our legislation said that our law, capitalising as it does on experience elsewhere, is one of the most progressive in the world.'' And he added: "In any event it's worth pointing out to Mr. Simons that there is no chance at all that we're going to suddenly stop and reverse the process.'' GOVERNMENT GVT