Auto Enrolment Naming and Shaming
May 25th, 2017
The Pension Regulators quarterly bulletin confirms that automatic enrolment has now passed a significant milestone, with over 500,000 employers having met their duties and nearly eight million of their staff now saving for their retirement.
The bulletin also shows the extent of the use of the fixed penalty notices (FPNs) and escalating penalty notices (EPNs) has again increased in line with the staging profile, rising to 14,502 FPNs and 2,517 EPNs.
The Regulator has the power under s89 of the Pensions Act 2004 to name and shame those employers who fail to comply. Given the FPN fine of 400 and persistent non-compliance can result in a daily rate, depending on the number of employees for an EPN of up to 10,000, its surprising how many employers find themselves on the list.