Employers flouting newworkplace pension rules
Increasing numbers of employers have been fined for failing to comply with new rules on workplace pensions, according to a south coast accountancy firm.
With compliance deadlines looming large for many companies, the south coast office of Smith & Williamson, the accountancy, investment management and tax group, warned that employers in the south need to embrace their new workplace pension duties as soon as possible.
Chris Murray, the pension specialist at the south coast office, which covers the Portsmouth region, advises on implementation and tax implications for businesses.
He said: ‘The number of employers fined for failing to comply with new rules on workplace pensions is up and is expected to increase significantly as small and micro employers reach their auto-enrolment staging date over the coming year.
‘The Pensions Regulator has reported that 1,021 employers have been issued with a Fixed Penalty Notice for failing to comply with a statutory notice or a specific duty in the final three months of 2015.’