Pensions Regulator issues £68.6m in fines for employers
29th May 2019
The Pensions Regulator (TPR) issued fines worth a total of £68,626,923 to employers that failed to meet their pension obligations in 2018/19.
A Freedom of Information Act request revealed that the total value of fines handed out by TPR has increased over each of the last five years, from £192,900 in 2014/15.
Around £14.9m of the total value of fines in 2018/19 was made up of fixed penalty notices.
These are generally given to employers that fail to comply with statutory notices for auto-enrolment, and set at a value of £400.
A further £53.8m was collected from escalating penalty notices, which are issued when employers still don't comply with the rules after being warned.
These can vary between a daily rate of £50 and £10,000, depending on the number of staff in the business.
According to its most recent report on enforcement, TPR closed 21,732 auto-enrolment cases between January and March 2019, and 283,804 to date.
On 15 May 2019, it announced that it would be targeting non-compliant employers with mandatory spot-checks over the next few months.
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