23rd August 2018 Anne-Marie Winton comments in RBS ContentLive on SME’s workplace pensions requirements
Workplace pension requirements are a source of confusion for many SMEs. Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it.
Anne-Marie Winton comments on the fines and reputational damage for companies which do not enrol eligible jobholders into a workplace pension scheme.
Anne-Marie said that, “The penalties for not acting are potentially severe. TPR has the power to issue penalties for non-compliance with the automatic enrolment regime, and it’s not afraid of using this power. In 2016/17, the regulator issued over 12,000 fixed penalty notices of £400, and 2,500 escalating penalty notices, which can run into the tens of thousands of pounds. Employers can also receive a county court judgement for failure to pay these fines, which remains on their credit record for six years.”
Read Anne-Marie’s comments in RBS ContentLive
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