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Auto-enrolment - The Pensions Regulator announces spot checks


By: Hayley Sharman Date: 4 April 2017
Category: Lovewell Blake Financial Planning

The Pensions Regulator has recently announced that in order to ensure continued compliance from UK employers it will be carrying out auto-enrolment spot checks in the coming months.

It is vitally important that employers pay attention to their responsibilities when it comes to the workplace pension.

Recent research indicates that an alarming number of small firms are completely unprepared for their staging dates, with as many as 40% waiting for the last minute to sign their employees up for a qualifying scheme. (Figures from Wealthcare study)

If your business fails to meet it’s auto-enrolment responsibiliites you run the risk of being fined.

The proposed spot-checks will help the Pensions Regulator to understand employer behaviour, accoriding to the Executive Director of Automatic Enrolment Charles Counsell. He said
“As well as investigating any non-compliance, these inspections will also help shine a light on employer behaviour so we can see why different types of employers fail and also identify good practice that others can learn from.”

If you are concerned about auto-enrolment and your responsibilities to your employees please do contact us and we would be pleased to help you.
 
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