Small firms face big fines for skipping over auto-enrolment
27 September, 2016
Small businesses could face fines of up to £22 million should they fail to meet their auto-enrolment staging dates, a new report suggests.
The Pensions Regulator (TPR) has confirmed that around 52,000 small businesses with fewer than four employees could face fines for non-compliance with the Government’s new pensions scheme.
Around 20 per cent of these businesses have limited or no understanding of auto-enrolment pensions, staging dates, or the importance of the new regime, the report reveals.
Small businesses can be issued with a £400 non-compliance fixed penalty notice should they fail to enrol their employees by their designated staging date.
TPR has advised businesses to keep an eye on their staging date, and prepare sooner rather than later, to avoid facing hefty fines.
Are you prepared? If you are unsure about any part of auto-enrolment, get in touch with Watson Buckle as soon as possible. On top of expert auto-enrolment advice, we can provide ongoing support and payroll advice for businesses of all shapes and sizes.