In the last 3 months The Pension Regulator has issued:
52 Statutory Notices & 13 Fixed Penalty Notices EVERY SINGLE DAY. And at the same time, 96 Escalating Penalty Notices were issued.
Fines, ranging from £50 up to £500, together with Compliance Notices are real and happening. Every single day.
We can help you ensure your clients don't get caught out
Automatic enrolment was introduced with a threat of fines for non-compliance by The Pensions Regulator (TPR). For many small businesses this threat, like their staging date, was a long way off and subsequently dismissed as not of immediate concern.
But from figures released by TPR recently it looks as if many small businesses have been caught out
In the first 3 months of this year, TPR issued over 52 Statutory Notices for non-compliance or unpaid contributions EVERY DAY.
Worse still, over the same period 13 Fixed Penalty Notices of £400 were issued each day together with a total of 96 Escalating Penalty Notices.
In addition, recent research showed that the number of whistleblowing reports made to the Pensions Regulator has surged by almost 30% in one year.
2,545 reports were made in 2015/16 - that's just over TEN every single working day.
To reinforce just how real, the threat of being fined is, TPR also released a case study.
It shows how Swindon Town Football Club ended up paying fines totalling £22,900 for, in part, unpaid pension contributions of £13,613.
In our experience, problems only get worse when there is little time left to try and resolve them.
TPR fines are a daily occurrence; don’t leave it to the last minute and risk getting caught out.