Extra £350k issued in auto-enrolment fines
Posted on in Business News , Cycles News , Creative News, Outdoor News
The Pensions Regulator issued fixed penalty fines worth a total of £344,400 in fines against firms breaching auto-enrolment rules between April and June.
There were 861 fixed penalty fines over the three month period, taking the total number of notices issued since auto-enrolment was first rolled out in 2012 to 3,045.
Under fixed penalty notices firms are fined £400.
There were 38 escalating penalty notices - where firms are fined between £50 and £10,000 per day - issued in the period. This was a sharp decrease from the 96 escalating penalty notices that were handed out from January to March.
TPR used its compliance and enforcement powers 4,489 times during the last quarter, which was a slight increase from 4,161 in the previous three months.
There were 479 requests for TPR decisions to be reviewed in the period.
Nearly 400 decisions were either revoked, substituted or varied in the period although the TPR states that figure includes reviews that were requested in earlier quarters.
All of the 12 appeals heard by the tribunal service between April and June were struck out or revoked.
Get the support you need
If you're looking for guidance on your auto-enrolment responsibilities, ActSmart can help.
ActSmart have made arrangements to introduce you to Elliott Sanders of Copthorne Hundred Wealth Management, a Partner Practice of St. James's Place Wealth Management.
St. James's Place Wealth Management are one of the leading wealth management organisations in the UK with a national network of advisers. Using their experience, they offer businesses and individuals a wealth management service, incorporating pension advice. The advice is face-to-face and tailored to your business or personal objectives.
- Complimentary initial consultation
- Face-to-face advice
- Impartial advice
- Advice is guaranteed by St. James's Place when recommending any products or services provided by the St. James's Place Group
Phone Elliott Sanders's team on , email Elliott.Sanders@sjpp.co.uk or complete the enquiry form here.
