Auto-enrolment fines rise, don't be caught out
As auto-enrolment into workplace pensions enters its fourth year, the Pensions Regulator (TPR) has started to hand out more reprimands and fines. In the third quarter of 2015, TPR issued more unpaid contribution notices than it had sent out over the whole of the previous 33 months and more than 100-400 fixed penalty notices for employer non-compliance.
As auto-enrolment spreads to smaller employers, the numbers involved are rising rapidly. TPR says that over 500,000 employers will have to comply with the rules in the year to October 2016 against about 60,000 in the previous three years. If you employ anybody, are you ready?
Occupational pension schemes are regulated by The Pensions Regulator.