Company Pension Auto-Enrolment

28/01/2015

The Pensions Regulator issued 166 penalty notices to firms breaking auto-enrolment regulations in the final quarter of 2014, an increase from just three fines in the previous quarter.

TPR’s latest quarterly update on its investigations into auto-enrolment reveals it served 166 firms with £400 fixed penalties for failing to comply with an unpaid contributions notice or a compliance notice in the last three months of the year.

There was also a surge in the number of compliance notices issued, with TPR handing out 1,139 in the final quarter of the year, compared to 163 in the third quarter. Approximately 30,000 medium-sized employers who had staging dates between April and July reached their deadline to complete their declaration of compliance by the start of December 2014.

TPR director of auto-enrolment Charles Counsell says: “My message to all employers is that failing to declare within five months of your staging date means you risk being fined, which is why we recommend you start your auto-enrolment planning and preparation 12 months before staging.

“It appears some medium employers waited for a prompt from the regulator before completing their auto-enrolment duties.”

TPR says that with auto-enrolment being rolled out to large numbers of small businesses in the coming months, it expects to see a further increase in the number of firms which leave it too late or do not comply with the rules.

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Written by Sam Gulley | Financial Planning Consultant

Sam joined Mantle Financial Planning in 2009 having previously been with Alexander Forbes and HSBC bank. Read more >>

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