The Pensions Regulator has issued its update for February 2018 noting particularly that its work is moving from auto-enrolment, which is now completed for all exisiting businesses who employ workers, to compliance and re-enrolment.
in 2017 large businesses, who were the first to stage, reached the third aniversary of their first auto-enrolment and are having to re-enrol anyone who 'opted out' as well as re-confirming their compliance with the system.
Several major milestones have been reached during February:
- 1, 032,567 employers have automatically enrolled jobholders
- 9,285,000 jobholders enrolled into automatic enrolment pension schemes
- 38,662 employers have automatically re-enrolled jobholders
- 549,000 jobholders re-enrolled into automatic enrolment pension schemes
One million employers meeting new pension duties to boost retirement saving
On the comliance side, several prosecutions have been undertaken and fines imposed for non-compliance:
Dominic Chappell ordered to pay £87,000 for failing to give information about BHS sale
Bus company billed £60k+ for deliberately failing to give their staff workplace pensions
Trustees of airline pension scheme fined for failing to get accounts audited for two years
TPR fines trustee of NOW: Pensions and sets deadline by which problems must be fixed
TPR's quarterly update provides information about their cases and the powers they used in the final quarter of 2017:
Compliance and enforcement quarterly bulletin Oct to Dec 2017
TPR and FCA (the Financial Conduct Authority) are working together on a pensions regulatory strategy to set out how they will work together to tackle the key risks facing the pensions sector in the next five to ten years.
DC trust: presentation of scheme return data 2017 – 2018
Finally there is quite a lot of publicity around a number of pension scams that are taking place. Radio 4’s You and Yours programme interviewed Mike Broomfield, TPRs Head of Intelligence, on 2nd Feb, and features the case studies of two victims. TPR is also supported FCA in their ScamSmart campaign – with a jointly written article written for ‘The Week’, and an LBC radio interview.