What Happens If You Ignore Auto Enrolment Pensions?
- August 8, 2016
- Posted by: Gary Parsons
- Category: Pay, Reward & Benefits
If you ignore your Auto Enrolment staging date, you will be issued with an EPN (escalating penalty notice). This means that you could be potentially be fined of up to £500 per day, if you decide to ignore a penalty notice that the Pension Regulator has sent you. This is a huge issue at the moment, as escalating penalty notices (EPN) that the Pension Regulators are sending out is on the rise, immensely.
If you have in-between 1-4 members of staff and you don’t comply with the EPN, before the deadline set shall be fined £50 per day. If you employ in-between 5-49 members of staff, you shall see your penalty build up by £500 per day. Even though more than 95% of all employers are meeting their Auto Enrolment duties on time, there is still around 5% of employers who ignore giving what their employees deserve.
Be in the know, make sure you know when your Auto Enrolment date is, and avoid getting an EPN. If you do get an EPN, do not ignore it – pay it as soon as possible.
If you need help with your Auto Enrolment Pensions, then Talk Staff Payroll are at hand – don’t hesitate to call us for advice or assistance!
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