Companies can be fined up to £500 per day for failure of their auto-enrolment duties. The number of Escalating Penalty Notices (EPN) sent by the Pension Regulator is growing.
Although 95% of employers are meeting their automatic enrolment responsibilities, the Pension Regulator is taking a tough stance on those that don’t. Therefore, as an employer, it is very important that you are aware of your obligations and what you need to do.
Even a small employer with 1 to 4 staff can be fined £50 per day if they are in breach of their statutory duty, which can severely affect the profitability of a business.
If you would like to know more about automatic enrolment please feel free to contact us.