The value of fines issued by The Pensions Regulator (TPR) has more than tripled in a year, reaching £42m in 2017/18. This value, which is made up of fixed and escalating penalty notices, compares to £12.6m in the previous year, according to information published by TPR.
A fixed penalty notice of £400 is issued to an employer for failure to comply with a statutory notice or some specific employer duties. An escalating penalty notice varies between £50 and £10,000 a day depending on thesize of the company and is issued after if the employer still hasn’t complied.
The regulator said it was also working on being "clearer, quicker and tougher" regarding offending schemes and employers. Managing your business and your workplace pension scheme open up more opportunities for mistakes and errors, so reducing your risk of offending allows your focus to stay on your business.
These employer obligations and duties cannot be avoided but IronMarket'sBusiness services can remove the stress and hassle, giving you total peace of mind. Contact our team of experts today to find out more.
However, this is not something you and your business need to worry about. The IronMarket Business team are always working hard to ensure your obligations and duties are taken care of, giving you total peace of mind.