SMEs risk fines of up to £10k a day for non-compliance with auto enrolment

Small and medium businesses are putting themselves at risk of huge fines for non-compliance with automatic enrolment, a recent survey from IRIS has revealed.

Industry experts are urging businesses to start preparing for auto enrolment 18 months before their staging date (the date at which you must begin complying with auto enrolment), but despite this it seems that for many businesses this is the last thing on their mind.

In a recent study we found that 90% of smaller businesses (0-100 employees) said they felt unprepared for auto enrolment, with over 50% having no knowledge of their staging date.

It is vital that businesses are prepared for auto enrolment, as The Pensions Regulator has the power to enforce penalties of up to £10,000 a day for businesses that fail to comply with the legislation.

We mentioned in a previous post that some pensions providers were turning business away from companies who were not leaving adequate time before their staging date to prepare and with demand constantly increasing, you need to start acting now to ensure you can achieve compliance.

Have you started thinking about auto enrolment yet? We are holding training courses across the country to help you prepare. Why not visit our brand new training store to find where your closest seminar is?

Visit the training store.

Stephanie Coward

Managing Director, HCM

Stephanie Coward is Managing Director for HCM at IRIS, where she leads the strategy, innovation and growth of the organisation’s HR and payroll portfolio. She is responsible for positioning IRIS as a trusted partner to HR professionals and ensuring its solutions support the evolving needs of modern workforces.

With more than 25 years’ experience in the technology sector, Stephanie brings deep commercial and operational expertise, with a passion for improving the employee experience through technology.

Stephanie is committed to advancing IRIS’ HCM offering and helping organisations build more resilient, empowered workforces.