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).