Our highly qualified pensions experts advise on all aspects of pension and retirement planning, whet
A vital part of planning for a secure financial future is the creation and ongoing maintenance of th
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These firms have been issued an escalating penalty notice. TPR’s list includes organisations that they have secured a court order against failure to pay the escalating penalty notices for auto-enrolment non-compliance, as well as those that have paid escalating penalty notices but have not yet fulfilled their auto-enrolment duties.
It’s essential that you fully understand your responsibilities towards your employees and their pensions as the penalties are heavy: they include a fixed penalty notice of £400, and statutory notices with a prescribed daily rate of £50 to £10,000, depending on the number of staff a business employs. A civil penalty may be issued and can range from £5,000 for individuals and £50,000 for an organisation. In some cases, TPR may seek criminal prosecution.
To avoid these consequences if you are yet to embark on auto-enrolment, first make sure you know your staging date. These run into 2018 depending on your PAYE scheme size. You can check your date at the TPR website and have a plan in place as to what type of pension scheme you’re going to offer.
We’re here to help, so don’t ignore auto-enrolment – it isn’t going to go away (and neither is TPR).
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstance