We are now 4 years in to the new Pensions Duties imposed on employers. When you approach the 3 year anniversary of your staging date you will need to begin the process of re-enrolment and complete of a further ‘Declaration of Compliance’. TPR Compliance and Enforcement Bulletin reported on figures to end of June 2016:
• Six million employees now have a pension who didn’t before 2012, which is 66% of all employees in the UK compared to 47% before 2012
• The average employer contribution into a new automatic enrolment scheme is 3%
• 110,000 employers, of which nearly 60,000 were either small or micro employers, had completed their declaration of compliance
• The number of compliance notices issued (precursor to any fines being issued) are up by nearly 30%
• The number of fixed penalty notices issued have increased by 25%
• The number of escalating penalty notices (for continued non-compliance) are also up by 25%.