The Pensions Regulator's Auto Enrolment Update for May
Today’s blog summarises the monthly auto enrolment industry update from The Pensions Regulator and focuses on Workie and the latest compliance and enforcement figures.
Compliance & Enforcement
More than 95% of the first small and medium-sized businesses who were required to enrol into a workplace pension scheme have now complied with the law. Over 800 of the £400 fixed penalty fines were issues between January and the end of March this year; additionally, over 100 escalating penalty notices were issued during the same period.
An escalating penalty notice is just one of The Pensions Regulator’s powers of enforcement, and though they openly state that they would prefer to work with a business who feels they may miss their staging date, in some cases enforcement is required. If you believe your business may be in danger of missing your staging date, speak to The Pensions Regulator as soon as possible.
How is Workie Working?
As looked at in a previous blog, the ‘Workie’ campaign is proving to be a big success with raising awareness of auto enrolment legislation and responsibilities. The Pensions Regulator are reporting that recent research shows 79% of employers recall seeing a TV, radio or online advertisement about Workie. Additionally, since Workie launched, The Pensions Regulator say their employer home page as received over 690,000 unique visitors to the page.
The new Workie advertisement campaign is currently ongoing until the end of May and continues the theme of auto enrolment compliance.
IRIS & Auto Enrolment
IRIS are the UK’s largest auto enrolment training supplier, and have trained over 12,000 people on the workplace pension reforms. If your business is staging this year, and you’d like some help and information on the reforms, download our new guide, titled “7 tips for auto enrolment from companies who have already staged”.
This guide is perfect for you if your business is yet to stage for auto enrolment. We’ve gathered together the 7 top tips from companies in the UK who have now staged for auto enrolment. You can download it for free by using the button below.