Pensions Regulator releases Automatic Enrolment named and shamed list
For the first time, The Pensions Regulator (TPR) has published the names of businesses who have failed to comply with their automatic enrolment duties. The list includes 19 employers who have paid an escalating penalty notice but have still not fulfilled their duties and 13 who have been issued a court order for failing to pay the escalating penalty notices. TPR released the ‘named and shamed‘ list in the hope that it will deter non-compliance and reinforce the implications for those employers who ignore their responsibilities.
The consequences for not complying with workplace pensions can be massive – with an initial £400 fixed penalty notice turning into an escalating penalty notice of up to £10,000 a day if businesses still do not meet their obligations. If the fine is not paid, the debt is then taken to the courts. According to their latest quarterly bulletin, between January and March 2017, TPR issued 4,673 fixed penalty notices and 1043 escalating penalty notices. In addition, 224 inspections were carried out on businesses premises in the last quarter, compared to just 57 throughout the whole if 2016.
With TPR taking non-compliance seriously and using their full powers to enforce the automatic enrolment regulation, it is extremely important to ensure you understand your legal duties as an employer.
Automatic Enrolment briefings
Since last year, MHA Carpenter Box has been running regular free automatic enrolment events for employers. These briefings clarify the background to the reforms and the implications to your business, what you need to do to ensure you are compliant and how to implement a suitable pension scheme. We recommend that businesses attend one of these events prior to their staging date. They also provide the opportunity to discuss your automatic enrolment requirements with one of our specialist advisors.
Our upcoming event dates are:
- 22nd June (Gatwick)
- 14th July (Worthing)
If you have any questions regarding automatic enrolment, please get in touch with a member of our team on 01903 534587.