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Regulator fines employers not complying with auto enrolment rules

By August 19, 2015February 12th, 2019No Comments

The Pensions Regulator (TPR) has issued 332 fixed penalty notices and four escalating fines against employers for auto-enrolment failures up to June 2015.

With more than 1.3 million employers needing to comply with new workplace pension rules over the next three years, the regulator’s focus will be on targeting non-compliance and checking the accuracy of employer declarations, according to a Pensions Regulator bulletin published earlier in the year.

While this report shows the Regulator can and will fine employers, it also has a valuable role in raising awareness of the rules to prevent non-compliance.

Its research showed that most employers are aware they have to do something about automatic enrolment but gaps in technical knowledge still remain among accountants and bookkeepers.

Knowing is not doing

In fact, both employers and their advisers can go to for a step by step guide to what has to be done but the reality is that knowing what to do is quite different from actually completing the tasks successfully which is why, here at Cullen Wealth, we have a dedicated auto enrolment team that is completely separate from our financial advisers

Be clear with Cullen

The Regulator’s research also revealed that many employers and advisers do not have clarity about who is completing each task involved in the compliance process.

Karen Robinson, Cullen Wealth’s Head of Auto Enrolment, explained: “Employers need to be clear if they are just getting advice or getting a full automatic enrolment service. With us you will be clear what you are getting – a complete service at a fixed fee, so there’s no confusion.

“They also need to know that their adviser has proven experience of this kind of work.”

Make sure you receive expert help with this, email or ring us on 0161 975 6700.