TPR could target entire industries with audits for auto enrolment compliance
As automatic enrolment is rolled out to more businesses The Pensions Regulator (TPR) will be targeting specific industry sectors with audits, Payroll World has revealed.
It has already been announced that TPR will be able to issue fines to companies failing to comply with auto enrolment and these fines can reach up to £10,000 a day for those showing “deliberate non-compliance” with the legislation.
A representative from TPR speaking at a Payroll World seminar said that as well as these financial penalties, the regulator also has the power to carry out audits of specific companies or even entire industry sectors if they have a reputation of non-compliance with previous legislation changes.
This announcement comes after an Institute of Directors survey carried out surrounding auto enrolment revealed that certain employers are already planning to try and deliberately avoid complying.
As with any legislative change, it is best to start preparing as soon as possible, to ensure your eventual transition will be smooth and you will avoid any penalties. Industry experts are advising businesses to start preparing for auto enrolment at least 18 months before their staging date. Do you know your staging date? If not, you can find it by reading this post here.
To help you prepare we have launched our Pathway to Pension Reform and Auto Enrolment training seminars. Don’t get left behind, book your place today.