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16 June 2016
Auto-enrolling employees into a workplace pension scheme is a legal requirement for all businesses, from those employing hundreds to those with 1 or 2 people on the payroll.
Over 6 million workers have been enrolled since 2012, with a further 1.8 million due over the next 2 years as the process turns to smaller employers.
The Pension Regulator has warmed that while the majority of companies are complying with the process, a rise in non-compliance is expected from smaller employers who have not prepared properly.
So far 2016 has matched these expectations with 806 fixed penalty notices (bringing the total since 2012 to 2,234) and 96 escalating penalty notices (making the total 127) being issued in the first quarter.
Non-compliance with auto-enrolment can lead to daily fines of £10,000 for businesses with 500 or more employees. So it is important that all businesses know exactly what is required of them.
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