Comment from The Pensions Regulator (TPR) on breaches for Auto-Enrolment non-compliance

The Pensions Regulator (TPR) executive director for Auto-Enrolment (A-E), Charles Counsell, commenting on breaches for non-compliance said:

“As our knowledge of employer behaviour has developed over the past two years so has our intelligence and resource allocation to tackling non-compliance. We adopt a risk based approach in targeting our resources where they have the most impact and, although the number of investigations has risen, we have been very successful in working with employers to remedy breaches where they have occurred, without needing to use our statutory powers.

“We have also taken proactive steps working with high-risk employers to prevent non-compliance. Where we have taken enforcement action by issuing a compliance notice, this has given employers the necessary wake-up call to provide the pensions their employees are due.”

The regulator has a range of powers to tackle non-compliance including serving penalty notices of up to £10,000 a day for the largest employers, but is yet to fine a firm.

We can help with you’re A-E problems. Call Bernard Macken on 0113 202 9529 or e-mail me on bfm@pipllp.co.uk. Please visit our website www.pipllp.co.uk

Auto-Enrolment News

The Pensions Regulator (TPR) issued an announcement earlier this year, encouraging small and medium-sized employers to check when they are required to Auto-Enrol, after awareness and understanding research indicated that 47 per cent did not know when they needed to act.

Information released then by the Regulator under the Freedom of Information Act indicated there were 134 breaches of Auto-Enrolment duties between October 1 2012 and January 31 2014.

This resulted in 129 instances of informal action being taken, including instructions via telephone, email, in person, and warning letters. The Regulator also took formal action, which included issuing four compliance notices and one unpaid contribution notice, but at the time of the announcement, no fines had yet been issued.

Charles Counsell, executive director of Auto-Enrolment at the Regulator, said the watchdog has concentrated on creating a “pro-compliance culture”, so that employers have the information they need in order to comply with the requirements.

“We are also working with employers to rectify anything that has gone wrong,” he said. “We have only needed to use our statutory powers six times, but we are not complacent and realise that the greatest challenge remains ahead with small and micro employers.”

 
For employers concerned about this, we can help. Contact Bernard Macken on 0113 202 9529, or e-mail: bfm@pipllp.co.uk

Are your employees among the 4 million plus Auto-Enrolled? If not, we can help:

More than four million workers from over 21,000 employers are now successfully enrolled into workplace pensions and are saving for their futures.

The latest figures are published in The Pensions Regulator’s (TPR) monthly Declaration of compliance (registration) report . Thousands of small and medium-sized businesses are now complying with the new laws every month as Auto-Enrolment gathers momentum

TPR writes to all employers 12 months from their staging dates to make them aware of their staging date and what they need to do to be ready.

To find out more about Auto-Enrolment and how we can help, please contact Bernard Macken on 0113 202 9529 or bfm@pipllp.co.uk .

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Banks are reluctant to lend to small businesses. Pension led funding may provide a solution – see attached. We can help. bfm@pipllp.co.uk

Updated statistics on the numbers of Employers becoming subject to Automatic Enrolment duties over the next four years

Updated statistics on the numbers of employers becoming subject to automatic enrolment duties over the next four years have been released today.

The forecast shows how many employers reach their staging date each quarter have made them available to help the pensions industry plan and prepare to meet their clients’ needs.

The figures underline the scale of the challenge ahead, with around 30,000 medium-sized employers (50-250 workers) reaching their staging date between this April and the end of the year.

We can help you. Contact Bernard Macken 0113 202 9529 or bfm@pipllp.co.uk

 

Preparing for your Auto-Enrolment Staging Date

New workplace pension legislation began to be phased in on October 2012 affecting most employers in the UK, both large and small. However, many employers are unaware as to how the changes will affect them financially, or indeed what their duties are and when their staging date is. As retirement planning specialists & independent financial advisers we can provide guidance and support throughout the process.

Click on the following link for further information: http://www.thepensionsregulator.gov.uk/employers/detailed-guidance.aspx

Welcome To The Pension & Investment Partners LLP Blog

Welcome to the Pension & Investment Partners LLP Blog. We are delighted to be part of the vibrant world of Social Networking and look forward to interacting with our clients, prospective clients and industry peers using this alternative medium.

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