Since the Pensions Regulator have released their quarterly compliance bulletin, the number of small companies getting caught out is increasing.
By failing to comply with auto enrolment duties, employers of small companies are facing serious fines!
- Between July and September 2017, 5479 fixed penalty notices of £400 or more were issued.
- There have been 5,331 escalating penalty notices of £500 per day for small companies.
- This quarter had 753 unpaid contribution notices.
Darren Ryder, TPR Director of AE, has told small companies:
“It is not enough to just comply with AE enrolment laws by signing staff up to a scheme”, “Employers must also meet their duties to contribute into their employees’ pension schemes every month. We will not let employers get away with failing to meet their duties and we will take action.”