30% miss staging dates

30% miss staging dates

Nearly a third of companies are seeking Auto-Enrolment support AFTER the deadline to do so has passed.

Companies that miss their staging dates face fines of up to £500. But The Pensions Regulator may be sympathetic if you act quickly.

The figures are based on 102 employers that registered with the pensions trust of the Corinthian Group in the last quarter of 2016.

Corinthian Affinity director Lee French commented. He said: “It is important that accountants, financial advisors and payroll providers get the message out now to their clients that swift action can help mitigate the potential fines if companies have missed their auto-enrolment staging date.

“Here at Corinthian, we have a ready-made, easy to use auto-enrolment solution which is compliant and cost-effective. It means our affinity partners can ensure their clients can have a qualifying workplace pension set up quickly and effectively, saving them time, money and stress.”

Companies missing their staging date are issued with an Escalating Penalty Notice by The Pensions Regulator. It orders business owners to comply with their statutory pensions duties within 28 days. After this time they will be subject to a fine which builds up by the day. For small employers (1 to 4 staff), the fine is £50 per day. For those with 5 to 49 staff, it is £500 per day.

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