Synopsis: It can prove costly to ignore penalty notices from The Pensions Regulator
Companies could be fined up to £500 per day if they ignore an Escalating Penalty Notice (EPN) from The Pensions Regulator (TPR). This will hurt and are the consequences of not meeting the employer duty obligations.
TPR’s recently published compliance and enforcement bulletin shows that the number of EPN they are sending out is on the rise
Employers with 1-4 staff who don’t comply with the EPN before the deadline set down in it, will be fined £50 per day.
Those who employ 5-49 staff will see their penalty build up by £500 a day.
Although more than 95% of employers are meeting their automatic enrolment duties (AE) on time, TPR are taking a tough stance with those who fail to give their staff the pension they are due.
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