Fines for businesses who fail to provide pension schemes are rising with four times more companies facing fixed penalty notices.
A total of 3,728 fixed penalty notices, where companies are fined £400, were issued between July and September, compared to 861 between April and June.
Auto enrolment is now believed to be reaching a peak and this has resulted in 576 escalating penalty notices where companies are liable to fines of up to £10,000 being issued in April, May and June, 2016.
Pensions expert Emily Jacobs says: “The vast majority of employers are responsible and we have seen a big spike in auto enrolment work at Richard Jacobs Pensions in recent times.
“But, it is clear that the Pension Regulator will take action against any business which fails to set up auto enrolment. This has to be right as we must remember that it is workers who lose out and face an uncertain future as pensioners where their bosses fail to do the right thing.”
Emily is a Director of Newcastle-under-Lyme Richard Jacobs Pensions and says the company has helped many North Staffordshire and Cheshire businesses to bring in auto enrolment schemes, from large companies, such as Crewe based Wrights Pies, to micro businesses.
“The Pensions Regulator has sent out a clear message that businesses which fail to comply will be fined and those fines will escalate.”
To contact Richard Jacobs for advice on auto enrolment, or any pension based services, call 01782 557800 or go online to find out more – www.jacobs-pensions.co.uk.
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Notes to Editors:
Richard Jacobs Pension & Trustee Services Ltd was established in 1992 and operates from offices at Brindley Court, Lymedale Business Park, Newcastle-under-Lyme.