Massive rise in fines for pension auto-enrolment errors
During the last financial year the number of fines for Pension Auto-Enrolment errors shot up to 35,810 from 14,650 the previous year.
The reason..? The expansion after 2017 of the enrolment scheme to employers of less than 50 people….and that may well include you. Pensions Act 2008 has been extended since its inception over the last ten years. Now every employer in the UK must put their qualifying employees into a pension scheme and, where appropriate, pay conditions.
Many of the fines have been to the 1.1 million employers in the UK with less than 10 employees. Since April 2017 they have been required to auto-enrol staff earning £10,000 or more in a workplace pension scheme.
We recommend that you check the situation with your accountant/legal adviser. Better to be safe than fined.
The Graham Agency, keeping you informed.