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 www.tpr.gov.uk/help-clients-prepare 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 https://www.cullenwealth.co.uk/who-we-are/people/
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.” https://www.cullenwealth.co.uk/auto-enrolment/
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