Workplace Pensions – Auto Enrolment Important UpdateWritten on September 25, 2018 by Kirk Rice LLP
In 2018 The Pension Regulator has taken enforcement against people who deliberately mislead employees, pension companies and the regulator. The actions of a few individuals have been motivated by monetary gain at the expense of their employees or pension members. Such businesses unfairly compete for business at the expense of others.
Most employers are doing everything they can to ensure their employees are provided for in accordance with the law and good practice of workplace pensions. Many employers operate in sectors where the provision of good employee benefits is essential to recruit and retain skilled people. It is essential we can have confidence that the regulator is seeking out the rogues to protect the good reputation of most employers and pension providers.
Below is a list of cases where action has completed during 2018. There are companies and professionals that have deliberately flouted the new regulations, pension providers that have failed to adhere to the high standards expected of them, and even an employer who posed as his staff to ensure they opted out.
Just click on the headline (these links go to pages on the Regulator’s website www.tpr.gov.uk) to see the full article:
The regulator also reported on pension schemes, including those providers that you may have used for auto enrolment. Many smaller pension companies are not meeting all the requirements, particularly around value for money for members. In one case, member contributions from over 300 employers were not being paid and invested. If you use a relatively small pension provider for your workplace pension, then expect changes, such as a merger with a larger pension company to be able to benefit from the economies of scale. Some members have already seen their pension provider close more than twice, which can only cause them to worry. Generally, the larger pension providers of workplace pensions for auto enrolment already meet all the requirements.
Smart Pension Trustee fined for failing to report unpaid pension contributions |
TPR fines trustee of NOW: Pensions and sets deadline by which problems must be fixed |
You may recall the headline case in January 2018 of BHS, although this is not an auto enrolment specific issue.
| Dominic Chappell found guilty of failing to give information to TPR about the sale of BHS |
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If you are not sure how well your pension provider satisfies the Regulations, have had a letter regarding action from the Regulator or want to take control of a change to a better provider then please contact Michael Powell on 01344 875000 or email info@kirkrice.co.uk.
Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The FCA does not regulate tax and trust advice.
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