An increasing number of fines

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The Pensions Regulator is finding a growing number of automatic enrolment failures.

The Pensions Regulator (TPR) recently issued its latest “Compliance and enforcement” bulletin, looking at progress to the end of 2015. This showed that as the size of employers drawn into the scope of auto-enrolment has shrunk, but the TPR’s actions and fines grown:

The bulletin includes a case study of “an employer in the sports sector” who racked up £10,000 in daily penalties and was forced to pay a further £15,000 of contributions on behalf of its staff because of delays in putting a workplace pension in place.

TPR’s message to employers is simple: “plan early to meet your automatic enrolment deadlines. …. There is no need to risk a fine.” We could not have put it better ourselves.

Rubber style stamp reading 'Payment Due'

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

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