The Pensions Regulator (TPR) is expanding its compliance unit to enable it to ‘proactively investigate’ companies and industries with a high risk of failure to comply with auto-enrolment duties.
TPR has confirmed that if there were reasonable grounds to investigate, they will use their power to audit companies’ records going back six years. The regulator would insist any issues identified during an audit be rectified and reminded them it had the power to impose fines of up to £10,000 a day for larger companies and £5,000 a day for smaller employers.
TPR has confirmed that it will produce guidance in the coming months aimed specifically at helping small and medium-sized companies comply with auto-enrolment legislation.
You have been warned !