TPR fines mystery firm £350k over pension failings

The Pensions Regulator has fined a firm £350,000 for failing to fully comply with its pension duties. The firm, which has 5,000 staff and which the TPR has refused to name, was previously warned by the regulator, for allowing an Escalating Penalty Notice to grow before correctly re-enrolling staff into the company pension scheme and paying the right contributions.Asked about the firm’s identity a TPR spokesman said: “We aren’t naming the company involved. “We publish the names of employers that we have taken action against for AE (autonenrolment) non-compliance under certain circumstances: • We’re prosecuting them • They have been fined, have paid the fine but have then remained non-compliant • They have been fined but have failed to pay the fine and we have secured a CCJ (County Court judgement) against them for the amount due.” TPR director of automatic enrolment Darren Ryder said: “This size of fine is rare as the vast majority of employers now consider automatic enrolment to be an everyday part of running their business and helping workers to save. “However, this case is a stark warning that failing to address problems early can lead to hefty fines which could be avoided. “We do not want to fine businesses, we want them to meet their legal duties and we are here to help them do this.” Following TPR’s intervention, the London-based company has now re-enrolled more than 40 staff and paid more than £100,000 of backdated pension contributions, as well as ensuring ongoing contributions are correctly calculated and paid. The backdated payments, which were in addition to the fine, covered both the re-enrolment failure and incorrect contributions affecting more than 2,000 staff. Mr Ryder added: “This case also demonstrates it’s vital to carry out both ongoing duties and re-enrolment correctly. “We will take action to ensure that not only are staff put into a pension but they continue to receive the correct contributions on an ongoing basis, and that those who opt out are re-enrolled correctly and given their right to start saving.”

TPR fines mystery firm £350k over pension failings

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