The Pensions Regulator’s Q2 2016

Ignorant Businesses Risk £22m in Auto-Enrolment Fines

Ignorant Businesses Risk £22m in Auto-Enrolment Fines

The UK’s smallest businesses risk collective fines of up to £22m for failing to fulfill their auto-enrolment duties, Paycircle has reported. Paycirlcle’s analysis of The Pensions Regulator’s latest report shows that, of the 262,000 micro-businesses (those employing one to four members of staff) expected to stage this financial year, 21% or 52,000 have a “limited understanding” of their duties to set up a workplace pension scheme. Small business employers appear to be less confused about auto-enrolment legislation – only 12% of small employers (those who employ between five and 49 staff) said they had a “limited understanding”. Paycircle calculated the £22m penalty sum by multiplying The Pension Regulator’s average fine granted to businesses t... »