The Pensions Regulator (TPR) carries out spot checks
The Pensions Regulator (TPR) has been carrying out spot checks on employers across the UK to make sure they are complying with their workplace pensions duties.
Auto-Enrolment Pension Scheme (AE) audits are giving employers confidence that their processes and procedures comply with this complex legislation and is helping them avoid fines. Executive Director of Automatic Enrolment Charles Counsell said:
“We take non-compliance seriously and will take enforcement action when we need to. As well as investigating any non-compliance, these inspections will also help shine a light on employer behaviour so we can see why different types of employers fail and also identify good practice that others can learn from.”
You will see from the graph below that there has been a dramatic increase in the number of fines being issued for non-compliance, these fines start at a one off £400 and can escalate to daily fines between £50 – £10,000 depending on the size of the employer.
Figures from reports on www.thepensionsregulator.gov.uk/doc-library/enforcement-bulletins.aspx
With the TPR now undertaking spot checks on employers, are you confident that you understand your AE responsibilities?
Would your processes and procedures pass a TPR inspection?
Wren Sterling have a great deal of experience in advising Employers on Pension Auto-Enrolment and can undertake an audit that will highlight any issues and provide detailed guidance to rectify any failings.
Our Auto-Enrolment Pension Scheme audits are giving employers confidence that they’re providing a quality Auto-Enrolment Scheme to their employees, and should ensure that they won’t be added to the list of fined companies named on TPR’s website.
Speak to bira workplace pensions today for more information on audits or log in to the Member’s Area to access guides and templates here.
Source: Approved service partner Wren Sterling, provider of bira workplace pensions