Posted by Ian Saunders on June 22, 2017
The Pensions Regulator (TPR) has published the names of employers who have not complied with pensions auto-enrolment.
These firms have been issued an escalating penalty notice. TPR’s list includes organisations that they have secured a court order against failure to pay the escalating penalty notices for auto-enrolment non-compliance, as well as those that have paid escalating penalty notices but have not yet fulfilled their auto-enrolment duties.
It’s essential that you fully understand your responsibilities towards your employees and their pensions as the penalties are heavy: they include a fixed penalty notice of £400, and statutory notices with a prescribed daily rate of £50 to £10,000, depending on the number of staff a business employs. A civil penalty may be issued and can range from £5,000 for individuals and £50,000 for an organisation. In some cases, TPR may seek criminal prosecution.
To avoid these consequences if you are yet to embark on auto-enrolment, first make sure you know your staging date. These run into 2018 depending on your PAYE scheme size. You can check your date at the TPR website and have a plan in place as to what type of pension scheme you’re going to offer.
We’re here to help, so don’t ignore auto-enrolment – it isn’t going to go away (and neither is TPR).
If you require any further guidance then please get in touch with our financial advisers.
Bishop Fleming Independent Financial Advisers is authorised and regulated by the Financial Conduct Authority.