500,000 SMEs warned of workplace pension fines

14th January 2016 | News

Over half-a-million small and micro businesses have been warned by The Pensions Regulator (TPR) that they risk being slapped with a fine for failing to meet their new workplace pension obligations.

The regulator anticipates having to take increasing levels of compliance action as auto-enrolment moves to micro employers who, despite having received written guidance to prepare them to take action ahead of the deadline, will either leave it too late or not take any action whatsoever.

Its latest message to reach the UK’s television screens involves furry character ‘Workie’, who reaches out to employers with his ‘don’t ignore the workplace pension’ strapline.

TPR has reminded employers that anyone who receives a letter from the regulator but does not employ staff could trigger unnecessary compliance action if they do not inform the regulator.

Charles Counsell, executive director for automatic enrolment, TPR, said: “We are concerned that a minority of smaller employers are leaving things too late and struggling to comply on time.

“We are helping employers avoid this by alerting them in good time to their duties and giving them the tools they need to meet them.

“Employers should start planning 12 months before their duties start and make our website their first port of call.

“Workie is back again this year on TV, radio and across social media to remind employers they cannot ignore the workplace pension.

“Our message to employers is to look out for letters from us and act on them. Those whose duties start in the first three months of the year should now be well underway with their plans.”

Your local TaxAssist Accountant can work with you to make auto-enrolment pensions simple. We work with Wren Sterling, a national firm of independent financial advisers, to offer fantastic auto-enrolment benefits at an exclusive discount to all TaxAssist Accountant clients.

If you’d like to discuss your options further, please don’t hesitate to give our friendly team a call on 0800 0523 555 or drop us a line and arrange a free initial consultation using our online enquiry form.