Pension Regulator issues more penalty notices for workplace pensions non compliance. The Pension Regulator’s Compliance & Enforcement quarterly bulletin for 1/1/16-31/3/16 shows that although 95% of the first small employers required to enrol their workers in a workplace pension have now complied, the number of penalty notices that it issues are also increasing.
Pension Regulator figures show:
- 3,057 Compliance Notices were issued in quarter 1 2016, bringing total issued to date to 7,834.
- 806 Fixed Penalty Notices were issued in the first three months of 2016, bringing the total issued since 2012 to 2,234.
- 96 Escalating Penalty Notices were issued in quarter 1 2016, bringing the total issued to 127.
Chris Wallace, Managing Director at Visionary Accountants, St Albans said: ‘Employers that don’t react to the 28 day notice issued by The Pension Regulator will pay fines. The fine for small employers with 1 to 4 staff who fail to comply with an Escalating Penalty Notice is £50 per day, and for those with 5 to 49 it is £500 per day. Companies must start their workplace pensions project as early as possible, as fines go up the longer you leave auto enrolment. Visionary Accountants’ want to reward your company efforts. Trust us to manage your workplace pension project so you achieve your staging date. For more information call us on 01727 730550 or visit our workplace pensions website at startautoenrolment.co.uk
Chris Wallace has successfully presented the accountancy perspective on auto enrolment & workplace pensions at the Money Marketing Auto Enrolment LIVE Conference in February 2015. In May 2015 Visionary Accountants’ were chosen as the accountancy case study for NEST, (National Employment Savings Trust), and in November 2015 Chris Wallace was on the panel of experts discussing workplace pensions at the AccountingWEB Webinar.