More than 7 million workers now auto-enrolled – Pension Regulator

More than 7 million workers now auto-enrolled – Pension Regulator 700,000 small employers due to stage in 2017 The number of new people saving for retirement as a result of auto-enrolment has passed the seven million-mark, the latest monthly figures from the Pension Regulator have shown. According to the declaration of compliance report for November, a total of 341,495 employers have declared their auto-enrolment compliance, which accounts for 23.5 million workers. Of these, 7,050,000 have now been auto-enrolled while 9,806,000 were already active members of a qualifying scheme. The remaining 6,290,000 have no workplace-related pension. The Pension Regulator also indicated
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60% of young people “don’t know what a workplace pension is”

Nearly half (40%) of 18-30 year olds consider their knowledge of pensions to be poor or very poor and three in five (60%) don’t know what a workplace pension is according to research by workplace pensions provider NOW: Pensions. Two in five (42%) justified their pensions ignorance by saying retirement was a long way off. Around one in four (27%) said they find pensions too complex. And nearly three quarters (71%) said they find pension terminology and jargon a barrier to engaging with the subject. Alarmingly, despite anyone over the age of 22 earning at least £10,000 a year being
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Categories: News.

Over 50% of accountants are unable to answer auto enrolment queries

According to recent research by The Pensions Regulator, over half of accountants quizzed stated that they are only partially able to answer auto enrolment queries from their clients.   The research states that the main issue was that the accountants did not have the in-house expertise or resources needed to give clients help with the more technical aspects of auto enrolment.   What’s more interesting, over 90% of those surveyed explained that they have been approached by at least one client regarding an auto enrolment query.   The Pensions Regulator estimates that 570,000 smaller businesses will stage for auto enrolment
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Auto enrolment penalties see sharp increase

Auto enrolment penalties see sharp increase Stark new figures from The Pensions Regulator have revealed a sharp increase in the number of fines dished out to SMEs that fail to address their auto-enrolment obligations. The number of fixed penalty notices given out between July and September reached 3,728 fixed, compared to 861 between April and June. Under TPR rules employers are fined £400 for a breach, increased more than four times on the previous quarter’s amount. TPR auto-enrolment executive director Charles Counsell said he recognised that employers have unique circumstances and challenges, “But the law is still the law. Employers who
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Auto Enrolment non-compliance is simply not an option…….

Auto Enrolment non-compliance is simply not an option……. In its latest quarterly update covering June to September 2016, The Pensions Regulator (TPR) has revealed they have seen a distinct rise in the number of fines for pension non-compliance with 3,728 fixed penalty notices issued, compared to 861 the previous quarter. From June to September, 15,073 compliance notices were issued, to remedy a breach of one or more automatic enrolment employer duties, up from 3,392 in the previous quarter.  With the compliance notice comes the risk of a fine of £400 for failure to comply. Failure to comply with a compliance
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Director raises funds for St Barnabas Hospice Trust (Lincolnshire)

Director raises funds for St Barnabas Hospice Trust (Lincolnshire) Adam Davey, Director at Petaurum Solutions’ has completed his ‘marathon in a month’ having taken part in both the 36th staging of the Great North Run on 11th September and the first Lincoln Half Marathon to be staged in almost 30 years, which was held on 2nd October. One of 41,328 runners to complete the Great North Run route from Newcastle to South Shields, Adam ran a personal best of 1 hour 54 minutes, on a day when Mo Farah made history by becoming the first male runner to win three
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Great North Run 2016 Director running in aid of St Barnabas Hospice Trust (Lincolnshire)

Great North Run 2016 Director running in aid of St Barnabas Hospice Trust (Lincolnshire) Adam Davey is donning his trainers once again on 11th September to run in the world’s largest half marathon, the Great North Run, for the 12th time.  Having raised over £10,000 over the past years, he is once again raising vital funds for St Barnabas Hospice. St Barnabas Hospice provides specialist care to people with a life limiting illness. In the last 12 months they have cared for over 5,500 patients and their families across Lincolnshire. The world’s leading half marathon, the Great North Run, was
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Auto-enrolment: What Is It and What Do I Have to Do?

Auto-enrolment: What Is It and What Do I Have to Do? With UK employers now legally required to provide an employee pension scheme, here’s a detailed step-by-step auto-enrolment guide. Nearly half of employers required to set up a pension scheme for their staff in the next two years remain in the dark about their responsibilities, according to a survey. What is auto-enrolment? Automatic (or auto) enrolment is part of The Workplace Pension Reform, and requires every business owner in the UK to automatically enrol their workers into a workplace pension scheme provided: The worker earns more than £10,000 in a
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One in five employers missing auto-enrolment staging date

One in five employers missing auto-enrolment staging date One in five employers is failing to sign its employees up to an auto-enrolment pension scheme, putting them at risk of hefty fines from The Pensions Regulator, according to figures released by AE master trust Now: Pensions. In the second quarter of 2016, Now: Pensions reported 21% of the companies that signed up with them did so after their deadline, which it said was the highest percentage they had seen. In the corresponding 2015 quarter, only 13% missed their staging date. Of the companies that did meet their staging date on time,
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