The Pensions Regulator
Employer handed six-figure fine for pension failures
Employers are being warned not to put their head in the sand after one business ended up with a £350,000 fine for failing to fully comply with its pension duties. The anonymous case study is included in The Pensions Regulator’s (TPR) recent quarterly compliance and enforcement bulletin. Despite warnings from TPR, the employer, which has 5,000 staff, allowed an Escalating
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Recruitment agency to be prosecuted for failing in AE duties
A recruitment agency and its managing director are to be prosecuted by The Pensions Regulator (TPR) on suspicion of trying to avoid providing their staff with a workplace pension. Hertfordshire-based SKL Professional Recruitment Agency Ltd and managing director Linus (Lee) Kadzere are accused of wilfully failing to comply with their automatic enrolment duties under section 45 and 46 of the
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Five million pension savers could put their retirement savings at risk to scammers
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are joining forces again this summer to warn the public about fraudsters targeting people’s retirement savings. This warning comes as new research suggests that 42%1 of pension savers, which would equate over 5 million2 people across the UK, could be at risk of falling for at least one of six
Read more Investigations launched into firms ‘that try to dodge pension duties’
Employers across the UK that try to dodge their workplace pension duties by changing their company name are being hunted. The Pensions Regulator (TPR) has become aware of a number of employers that appear to have tried to conceal their failure to comply with the law by hiding behind a new name. TPR investigators are now working with their counterparts
Read more Re-enrolment made simpler
Employers will be able to re-enrol their staff into a workplace pension more simply following the launch of a new online resource. While the vast majority of employers are carrying out re-enrolment successfully, some are failing to complete the task correctly – which could lead to a fine. The new re-enrolment tool is being launched by The Pensions Regulator as thousands of
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Don’t let a scammer enjoy your clients’ retirement
You’re helping savers to make the right decisions. Scammers are hoping they don’t. The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are urging business advisers to get to know their responsibilities and help protect their clients from pension scammers. The regulators recommend four simple steps that advisers can share with their clients to keep fraudsters at bay: Reject
Read more Law breaking employers targeted in new round of pension compliance checks
Employers who flout their automatic enrolment pension duties are being targeted with short-notice inspections by The Pensions Regulator (TPR). TPR is using data to pinpoint specific employers up and down the country who are suspected of breaking the law, including those who fail to put staff into a pension scheme or who make no, or incorrect, pension contributions. It is
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Accountant trustee jailed for plundering company pension scheme
An accountant has been jailed for more than three years after he fraudulently took more than £290,000 from a pension scheme. Roger William Bessent was a trustee and administrator for the Focusplay Retirement Benefit Scheme but transferred savers’ money into struggling and new businesses he part owned and which were run by himself, his family and a client. He now
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AE pension contributions set to rise
From 6 April, the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme will increase. The employer minimum contribution will rise from 2% to 3%, while the staff contribution increases from 3% to 5%. This means the total contribution overall goes up from 5% to 8%, in a process known as ‘phasing’. Overseeing body
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