Up to 500,000 small and micro employers are due to stage in 2016, with 87,000 filing Declarations of Compliance in January 2016.
The Pension Regulator has issued nearly fifteen hundred £400 fines, during the period October to December 2015. The Regulator has issued the following statement:
Research shows that most employers want to do the right thing by their staff but that smaller employers are more likely to leave things to the last minute. They therefore need a “nudge” to encourage them to meet their duties.
A minority still don’t comply after receiving a notice of non-compliance, but many do after receiving a fixed penalty of £400. As we deal with smaller employers, it is expected there will be more who, despite the message to prepare early, leave it too late or don’t act at all.
If your staging date is looming please don’t wait any longer to consider your options – act now!