News

Posted on 17th May by Graham Laverick

The Pension Regulator is starting to issue fines and there have been some high profile cases.

You could be fined up to £500 per day if you ignore a penalty notice sent by the Pensions Regulator.

The Pensions regulator has recently published a compliance and enforcement bulletin, showing that the number Escalating Penalty Notices (EPN) is on the rise.

Employees with 1-4 members of staff who don’t comply with the EPN before the deadline set out in it will be fined £50 per day, while those who employ 5-49 members of staff will see their penalty build up by £500 per day.

Although more than 98% of employers are meeting their automatic enrolment duties (AE) on time, the regulator is taking a tough stance with those who fail to give their staff the pension they’re due.

To make sure that you do avoid a fine, please see our Auto Enrolment Proposition, or contact enquiries@prismaticwealth.co.uk.