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The Pensions Regulator (TPR) - so far- has issued four escalating penalty notices carrying a daily fine of between £50 and £10,000 against businesses that have failed to comply with their auto-enrolment (AE) obligations. Make sure you’re not one of them!
What Is Auto-Enrolment?
Automatic enrolment is a new requirement imposed on employers in the UK under the pension reform laws. To comply with this requirement, UK employers must systematically enrol eligible jobholders into qualifying pension schemes. Automatic enrolment laws also require UK employers to make mandatory minimum contributions into their employees’ pension schemes. Under automatic enrolment laws, certain employees have the right to opt in or out of their pension scheme when certain conditions are met. Automatic enrolment laws apply to all employers in the UK, regardless of size or industry. Each employer has or will be assigned a staging date, the date by which the employer is required to comply with its automatic enrolment duties.
Why Has Auto-Enrolment Enacted?
Across the UK, millions of people are not saving enough for their retirement. Automatic enrolment laws were enacted in order to help more individuals do so. The aim of automatic enrolment laws is to provide individuals with a source of retirement income in addition to their State Pension.
What Are An Employer's Auto-Enrolment Duties?
Employers must comply with specific requirements under the new automatic enrolment laws. This guide provides a step-by-step overview of automatic enrolment process and details what employers must do to comply with automatic enrolment laws. The Pensions Regulator (TPR) - so far- has issued four escalating penalty notices carrying a daily fine of between £50 and £10,000 against businesses that have failed to comply with their auto-enrolment (AE) obligations. Figures from the regulator also revealed a 20% quarter-on-quarter increase in the number of firms that have been issued fixed penalty notices of £400 from 166 to 198. The watchdog used its AE powers 446 times in the first three months of the year, with the total coming in at 1,962 since the legislation took effect in October 2012. By comparison, the watchdog had only used its powers 23 times up to June 2014.