The Pensions Regulator is taking this issue very seriously and so should you.
- Fixed Penalty Notices (FPN) of £400 can be issued when “…there has been a failure to comply with a Statutory notice or there is sufficient evidence that a breach has been committed…”
- An Escalating Penalties Notice (EPN) can also be issued for continued non-compliance. These start at £50 a day for employers with up to four staff, and increase up to £10,000 a day for the largest firms – those with more than 500 employees.
You can find full details of The Pensions Regulator’s Compliance and Enforcement Strategy here.
An estimated 700,000 employers are set to stage this year, all firms with around 30 staff or fewer.
This means a significant number of firms could receive Escalating Penalty Notices of £500 per day this year if they don’t comply with the rules.
Don’t be one of them.