The Pensions Regulator
Milestone for workplace pensions regulation as TPR launches new approach
An increasing number of workplace pension schemes will come under greater scrutiny from The Pensions Regulator (TPR) from next month as part of a significant shift in its approach to protect savers. To reflect major changes in the political, economic and pensions landscape, TPR will be working proactively with more pension schemes through a new range of interventions to address
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Automatic enrolment is business as usual with vast majority of staff now saving
The vast majority of staff across the UK are now saving for their retirement thanks to the success of automatic enrolment. A report published by The Pensions Regulator (TPR) shows workplace saving continues to rise with 84% of employees now saving into a workplace pension, an increase from 77% last year. TPR’s annual commentary and analysis report (PDF, 1693kb, 41 pages),
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Regulators warn public of pension scammer tactics as victims report losing an average of £91,000 in 2017
A new campaign to tackle pension scams has launched as the latest figures reveal that victims of pension scammers lost an average of £91,000 each in 2017. The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have joined forces to urge the public to be on their guard when receiving unexpected offers about their pension and to check who
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Automatic enrolment is an ongoing process – it does not end with your declaration of compliance
Employers across the UK suspected of providing false or misleading information to The Pensions Regulator (TPR) about how they are meeting their automatic enrolment duties, will now be targeted with short notice inspections. The latest round of spot checks, due to start later this month, will also target employers who are still non-compliant with their automatic enrolment duties despite penalty
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Trustee fined for failing to report unpaid pension contributions
The administrators of a master trust failed to report the fact that they had not collected or invested nearly £900,000 of pension contributions on behalf of their members. Smart Pension Limited, which runs the Autoenrolment.co.uk master trust, failed to tell The Pensions Regulator (TPR) that 498 employers had failed to pay contributions that were due. Smart Pension also didn’t inform
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Automatic enrolment key messages
For new employers and start up businesses If your clients have recently become an employer, it’s important they don’t forget to tell The Pensions Regulator who their nominated key point of contact is. Research by The Pensions Regulator indicates that employers who nominate a key point of contact are more likely to comply with their duties and less likely to
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Assets to be seized from employers that snub workplace pension fines
Employers that refuse to pay workplace pension fines could have their assets seized to pay their debts. The Pensions Regulator (TPR) issues fines to employers that fail to meet their automatic enrolment duties and can secure court orders if the debts are not paid. TPR is to now appoint High Court Enforcement Officers (HCEOs) to enforce court orders in England
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Increase in deductions for pensions means fall in take home pay for many
Millions of workers who are auto-enrolled into pensions will see deductions from wages triple when they receive their April wage slip, says Rebecca Goldring, a tax manager at leading accounting, tax and advisory practice Blick Rothenberg. “On April 6 a relatively modest 0.8% deduction from workers’ pay packets into their auto-enrolment pensions increased to 2.4%, with an additional rise to
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Recruitment firm to face court for illegally opting staff out of pensions
The Pensions Regulator (TPR) is to prosecute a national recruitment firm, its directors and some of its senior staff on the suspicion that they illegally opted employees out of their pension scheme. Workchain Ltd (formerly known as Smart Recruitment UK Ltd) is accused of logging into its workplace pension scheme’s online system using employees’ personal details, to terminate their membership
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