Greater need for specialist advice as SMEs face fines for non-compliance
Posted on in Business News
Enforcement action taken by The Pensions Regulator over auto-enrolment has shot up over the past six months, highlighting the need for small businesses to seek specialist advice.
In the six months between 1st October 2014 and 31st March 2015 TPR issued 364 fixed penalty notices to employers who failed to comply with their legal duties.
Before this period the regulator had only issued three of these £400 fines over the whole auto-enrolment roll-out, which started in October 2012.
TPR's compliance bulletin said: "Our research shows that 8 in 10 smaller medium and small employers have consulted an adviser to help them comply with their duties, or will do so.
"Employers who choose to use an adviser, for example an IFA, accountant or bookkeeper, should understand exactly what help they are being offered - whether it's simply information or a full automatic-enrolment service.
"Both parties should also be clear who is taking responsibility for completing each task."
The regulator has recommended planning for auto-enrolment 12 months ahead of an employer's staging date.
David White, managing director of Creative Auto Enrolment, said: "TPR has shown that it has teeth and will bite, and with all the main political parties supporting the legislation, there is no prospect of it disappearing any time soon.
"These figures once again prove that businesses are struggling and that it is essential for employers and their advisers to find support to help them through the process."
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 01372 721616, email Elliott.Sanders@sjpp.co.uk or complete the enquiry form here.
St. James's Place Wealth Management are authorised and regulated by the Financial Services Authority.