The Pensions Regulator’s fines are up by nearly a third!

The Pensions Regulator’s fines are up by nearly a third!

Pension Regulator's recent Quarterly Compliance and Enforcement bulletin

The Pensions Regulator's most recent Quarterly Compliance and Enforcement bulletin covers October to December 2017. It shows that the number of Compliance Notices issued during the period was 17,949. This is an increase of 29% on the total amount issued since October 2012.  The number of Fixed Penalty Notices of £400 for failure to comply with a statutory notice was also up 30%. While Escalating Penalty Notices of between £50 and £10,000 per day were up 27%.

The Pensions Regulator's not playing games, auto-enrolment is not an option, it is the law.  If you refuse to become compliant you could end up with a criminal record.

In November 2017, MD Alan Stott of Stotts Tours bus company discovered this. They plead guilty to 16 offences of willful non-compliance with their auto-enrolment duties.  On 7th February 2018, they were fined £27,000, plus £7,400 costs and a £120 victim surcharge.  Alan Stott was also personally ordered to pay a £4,455 fine and a £120 victim surcharge.  This is in addition to £14,400 civil fines the employer owes for failing to comply with auto-enrolment laws.

 

 

Why risk the fines? Did you know that declaration of compliance is not the end?

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