Posted on April 30th, 2014 | Categories - News
The Pensions Regulator (TPR) has bared its teeth this week, cracking down on firms who have failed to comply with the new regulations.
TPR has revealed is has issued 15 compliance notices to firms who have failed to meet the new rules, it also singled out one business, Dunelm Soft Furnishings as it believes other businesses can learn from their mistakes.
According to the TPR Dunelm missed their Staging Date, only complying a month later after a compliance notice had been issued. Following a visit to the business TPR found further failings:
- Members on different payroll periods were not enrolled on time
- The pension provider was paid an incorrect level of contributions
- In total £108,000 of contributions were underpaid
The missing contributions have now been paid by Dunelm.
Reacting to the news, Charles Counsell of the TPR said that 99.9% of employers have completed their registration without the need for the TPR to intervene. However, it is clear that where firms miss their Staging Date or mistakes are made, the TPR will take swift and decisive action to ensure employees are not disadvantaged.
Talking about Dunelm, Counsell continued: “I am pleased to see that the employer in this case is now compliant with their duties. I would urge all employers to take heed from the lessons learned here so that they avoid the same pitfalls.”
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