Automatic Enrolment Fines start mounting

February 5th, 2015 | News | By Graham Wingar

The Pensions Regulator’s latest Compliance and Enforcement Report shows a large increase in the number of fines for breach of Automatic Enrolment Legislation.

The latest report which covers 1 October 2014 to 31 December 2014 shows 166 Fixed Penalty Notices in the quarter. This is a large increase compared to the previous quarter where only 3 Fixed Penalty Notices were handed out.

I believe as Automatic Enrolment progresses into the smaller companies there are more companies who are less prepared and therefore risk non compliance of the legislation.

It is recommended that you start planning your path to becoming compliant with Automatic Enrolment Legislation 1 year from your staging date. This is around the time you will receive a letter from the Pensions Regulator with information on your duties and your staging date.