The Pensions Regulator have stepped up its enforcement action over the past year. The number of actions used against employers rose from 1,947 in 2014/15 to 8,812 in 2015/16, more than a four-fold increase.
|No of Enforcements|
Even Swindon Town FC was fined £23,000 in April after it failed to comply with the regulations.
Auto-enrolment is not going to disappear and the paperwork can often take far longer than expected. SMEs should not bury their heads in the sand and hope the problem will go away – they need to identify staging dates, check if current pension plans are sufficient or what needs to be done to bring them up to standard and which employees may need to be enrolled.
We can review your business and employees and find the right contract for you. Message or Call us on 0845 680 8910 or 01258 830 425 to see how we can help!
Source: Professional Pensions 09.05.2016