The Pensions Regulator (TPR) has issued its first fines to employers for failing to meet their auto-enrolment duties, along with 163 compliance notices giving employers a deadline to take action.
The fines come despite warnings from TPR of the consequences for those businesses that do not adhere to the new auto-enrolment legislation.
Recent figures have revealed a doubling in the number of breaches uncovered by TPR non-compliance investigations since the start of the year, and as more employers reach their auto-enrolment staging date these figures are likely to rise.
So at a time when complacency should be avoided at all costs, what can employers do to ensure their scheme is compliant?
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Whether you’re an SME approaching your staging date or a large corporation heading towards re-enrolment, our advice is to act sooner rather than later to ensure you’re fully compliant with regulations.
Every employer throughout the UK should see this latest development as an urgent wake-up call and take the necessary action to avoid being left behind in an increasingly complex pensions market.
To ensure that your business is not one of those affected by the anticipated wave of fines and compliance breaches, it is essential to conduct a thorough audit of your scheme in order to remain compliant.
In a bid to tackle this increasingly complex sector, we have produced a series of free guides on auto-enrolment, including our guide on scheme auditing and how employers can best approach this issue.
Our ‘How to… audit your auto-enrolment scheme compliance’ guide is already proving popular among those employers looking to do a ‘health check’ of their scheme. Featuring advice on the areas you should be reviewing to ensure compliance, we’ve designed it to demystify the whole auditing process.
Download the guide and begin the auditing process today.
For more information, please visit Johnson Fleming’s website or call 01527 571 300.