The Pensions Regulator (tPR) has released figures showing the total number of employers fined for failing to comply with their auto enrolment/workplace pension duties reached 169 by the end of 2014.
Though this is a comparatively small number compared to the thousands of companies who have complied during that same period, tPR expects to see a sharp rise in the number of statutory notices to be issued.
Key points from the bulletin:
- 166 Fixed Penalty Notices (£400 fines) were issued in the last three months of the year.
- 1,139 compliance notices were issued – these notices instruct an employer to remedy a contravention of one or more of their employer duties or risk a fine or further action from the regulator.
- A significant number of the notices issued in this period were to employers who had missed their deadline to submit their declaration.
The number of employers approaching their declaration of compliance date – the deadline by which they must confirm they have complied with the new workplace pensions duties, is set to rise dramatically (approx 50,000 in 2015 and 500,000 in 2016) which is the reason why tPR expects to see more employers who leave it too late or do not comply at all.
To help ensure they don’t miss the deadline, tPR says employers should start the declaration as soon as they can – adding all required information as it becomes available.
If you have any questions at all regarding the auto enrolment process for your company please call Colin Giffen, head of our Auto Enrolment Team, on 0141 352 7800 or 07710 498 258. He will be delighted to help.
You can read the latest automatic enrolment compliance and enforcement bulletin published by tPR here the pensions regulator – auto enrolment use of powers