Auto enrolment non-compliance sees sharp increase in 2014
The number of businesses failing to comply with auto enrolment in 2014 has already surpassed the figure for the whole of 2013, according to newly released figures.
A Freedom of Information request made by Payroll World revealed that so far in 2013 there have been 133 employers which have failed to achieve auto enrolment compliance, compared to just 96 for all of 2013.
Speaking with Payroll World, a spokesperson for The Pensions Regulator commented: “Employers due to reach their staging date over the summer should by now have a suitable pension and software provider in place. If they have not then they need to act now to avoid the risk of non-compliance.
In cases where an employer hasn’t understood the duties or been unable to comply we will work with them to get them back on track, but if an employer has chosen to ignore their duties we will use our statutory powers where necessary to ensure compliance.”
With potential fines of up to £10,000 per day, preparing as early as possible for auto enrolment is vital. By giving your business enough time to prepare you give yourself the best chance of achieving compliance and avoiding financial penalties.
Have you started preparing for auto enrolment yet? IRIS has a range of solutions available to make achieving compliance as easy as possible.