If you don’t keep up your pension contributions or fail to stage, the Regulator WILL find out
Automatic enrolment (AE) is now business as usual for most employers. As outlined in the Pension Regulators latest compliance and enforcement bulletin, the level of enforcement work they carry out has increased along with the number of employers who have AE duties to comply with.
In the last quarter alone the Regulator conducted approximately 25% of all AE enforcement activity they have ever taken.
Their enforcement strategy varies, from issuing compliance notices when an employer fails to declare their compliance on time, to spot checks from the enforcement team on targeted investigations.
Pension providers help the Regulator to identify non-compliance – if an employer sets up a scheme but never pays into it, the Regulator can be notified. Each case is examined, and if they find enforcement action is warranted, they WILL act – Unpaid Contribution Notices (UCNs) can be sent, requiring all backdated contributions to be paid within 28 days.
This last quarter, the Regulator issued 753 UCNs – showing they take enforcement action where necessary.
For more information on the Regulators stance on non compliance click here
Taken from the Pension Regulator New By Email (Nov issue)
Petaurum Solutions Comment
With the Regulator continuing to look at all elements of Automatic Enrolment Non – Compliance can be both a costly, in both monetary and reputational terms. With our cost effective solution covering every aspect of Automatic Enrolment from staging to on-going maintenance you can simply relax and get on with running your business safe in the knowledge that you are fully compliance. For more information about our solution click here or contact us.