You may remember that at the end of last year we brought you an update on auto-enrolment. Many businesses were falling foul of the new regulations and fines were on the rise. We thought we’d bring you this update, as we are still seeing many companies failing to meet their new compliance obligations.
The Pensions Regulator issues a quarterly update on its use of the powers it has been granted to enforce compliance. These range from the power to demand information from businesses, up to an escalating penalty notice, which is effectively a fine that increases daily until proof of compliance is obtained. Some top line stats on the use of these powers as of December 2016:
Spot Checks on the Rise
The latest news from The Pensions Regulator is that spot checks are going to become increasingly frequent. These spot checks are designed to send a message to the few remaining non-compliant businesses that there will be zero tolerance. Workplace saving is now the norm, however, and compliance is in the high nineties.
What Do I Need To Do?
If your staging date is coming up, make sure you have all the information necessary to confirm your compliance immediately. The Pensions Regulator is notorious for accepting zero excuses along the lines of ignorance or unpreparedness.
If your staging date has come and gone and you are unsure if you’re fully compliant, you should act as soon as possible. If you are, in fact, not fully compliant, you will not get away with it for long, and acting sooner rather than later could save you from a fine.
At Turner & Turner we work to ensure that all our clients are fully compliant with all tax and financial matters. If you could use the services of our Chartered Accountants, why not get in touch today? Call us on 01772 716 555 or fill in our online contact form.