AE: Pension Regulator carries out spot checks!
The Pensions Regulator (TPR) has been performing spot checks across England since April, and now for the first time starts checks in Scotland too.
The checks are currently being carried out in Edinburgh with the inspection teams visiting dozens of businesses in and around the city over the coming weeks to check if companies are automatically enrolling qualifying staff on a work place pension. The checks are also to regulate whether company’s duties are being carried out correctly and compliantly.
According to the TPR, the checks that have already been carried out in some parts of Manchester and London, are to understand if employers are finding any unnecessary challenges when becoming compliant. Also, the checks are to ensure employers are sticking to their duties properly otherwise heavy enforcements are to be issued.
The Pensions Regulator released data stating that “More than 640,000 employers across the UK have met their automatic enrolment duties, with more than eight million workers given workplace pensions as a result”
Following on from the initial Manchester and London visits, short notice inspections have been carried out further afield in cities like Birmingham and Sheffield. TPR teams will begin visiting other smaller towns and cities across the UK in the coming weeks.
Are You Still Due to Stage?
This year, over 700,000 businesses are reaching their staging date for auto enrolment, the most since the reforms started in 2012. If your business is one of them still due to stage, you need to get prepared as soon as possible.
Speak to us today about the industry’s most comprehensive Auto Enrolment solution, the IRIS AE Suite™. Developed through close relationships with pensions providers and The Pensions Regulator as well as customer feedback.
With record numbers of businesses staging this year, IRIS are continuing to ensure that all businesses fully understand the legislation and how it affects them. Accountants, advisors and indeed businesses can join us on Thursday 17th August at 2pm for a free webinar.
This webinar is perfect for businesses and practices yet to stage for auto enrolment. We’ll be covering the background to the legislation, the basics about what you’ll need to do to get compliant, and how IRIS can help.
If you can’t make it, you can download a free on-demand version by visiting iris.co.uk/ondemand
Simply click below to register your place, we’ll begin the 30-minute session at 11am.