Rise in penalties from The Pensions Regulator as businesses leave auto-enrolment too late
With figures recently published by The Pensions Regulator, highlighting a rise in the number of fines issued for non-compliance, to employers who didn’t fulfil their workplace pensions duties on time, it really does illustrate the importance of being aware of your staging date and ensuring plenty of time to sort out the arrangements.
The Pensions Regulator, in recognition of this, is embarking on a new campaign to ensure employers are aware of their staging dates and give them important information about the process. This will be done by letter over the coming months.
The figures showed that more than 1,300 compliance notices and over 165 fixed penalty notices were issued by the end of 2014. It seems employers are simply not allowing adequate time for preparation when it comes to auto-enrolment.
Since automatic enrolment is a mandatory requirement, employers must not bury their heads in the sand!
With the number of employers approaching their date of declaration of compliance starting to rise, it is expected that the need for enforcement from the Pensions Regulator will rise too. It is believed that small and micro employers may be likely to leave things to the last minute.
Whilst at Adams Moore we cannot give advice relating to pensions, further advice and information on auto-enrolment and providers of services to assist in this can be found at http://www.thepensionsregulator.gov.uk/automatic-enrolment.aspx. We have also invested in the latest SAGE payroll software to cope with auto enrol, if clients want to outsource this function to make life easier when they implement the scheme. For further information on this, get in touch with us on 01827 54944.