The Pensions Regulator is taking this issue very seriously and so should you.
- Fixed Penalty Notices (FPN) of £400 can be issued when “…there has been a failure to comply with a Statutory notice or there is sufficient evidence that a breach has been committed…”
- An Escalating Penalties Notice (EPN) can also be issued for continued non-compliance. These start at £50 a day for employers with up to four staff, and increase up to £10,000 a day for the largest firms – those with more than 500 employees.
An estimated 700,000 employers are set to stage this year, all firms with around 30 staff or fewer.
This means a significant number of firms could receive Escalating Penalty Notices of £500 per day this year if they don’t comply with the rules.
Don’t be one of them.