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Workplace pensions Update – Pensions Regulator Fines increase

Workplace pensions update explains The Pensions Regulator fines increase by issuing an increasing number of non compliance fines in the first quarter of 2015.  Here is an update on the number of fines issued and the reasons why.  All company owners should ensure their workplace pension scheme is set-up in time for their staging date.  This is simple to do and takes around 6 weeks currently (May 2015).  However as we move towards 2016 over 1m companies have to set-up a scheme so our advice would be to set it up now and reduce any fines and increased industry costs as demand outstrips supply.

Workplace Pensions Update Table

Selected powers used in the period
PowerDescriptionNumber in periodNumber to Mar 2015
Information NoticeThe power to demand information and documents under section 72 of the Pensions Act 20041531
InspectionThe power to inspect premises under section 74 of the Pensions Act 200418
WarrantThe power to search premises and take possession of content under section 78 of the Pensions Act 200400
Compliance NoticeA Compliance Notice under section 35 of the Pensions Act 2008 The power to remedy a contravention of one or more automatic enrolment employer duty provisions2131,529
Unpaid Contributions NoticeAn Unpaid Contributions Notice under section 37 of the Pensions Act 2008 to remedy a late or non-payment due to a qualifying pension scheme917
Fixed Penalty NoticeA Fixed Penalty Notice under section 40 of the Pensions Act 2008 of £400 for failure to comply with a statutory notice or some specific employer duties198367
Escalating Penalty NoticeAn escalating penalty under section 41 of the Pensions Act 2008 of between £50 and £10,000 per day (depending on size) for failure to comply with a statutory notice44

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