Under the Pension Act 2008, employers are required to auto-enrol their employees to a workplace pension scheme. The measures in the Act aim to encourage employees to save into a pension scheme which will supplement the State Pension.
The Pensions Regulator has announced in a press release that they will carry out official checks on employers that are suspected of not meeting their workplace pension duties.
Most businesses have remained compliant and have made their contributions throughout the past two years of Covid, when the TPR reduced its in-person checks. But TPR has raised the importance of continuing to take action and fine non-compliant employers.
On-site inspections and monitoring of non-compliant businesses aims to protect the rights and pension savings of employees from all over the UK.
Inspections will be carried out on several businesses around the UK including Greater Manchester, Nottingham, Greater London and Belfast.
What does this mean for my business?
If your business was selected for an inspection, the best course of action for employers is to comply with the TPR. Seek legal advice if you need to.
It is important to let inspectors carry out their investigation, as obstructing the course of action could lead to an offence and/or a fine.
Inspectors are there to ensure that your business is compliant in its pension duties for its employees.
How Husky can help you avoid an inspection
Husky is the UK’s only independent platform for workplace pensions.
We set up your workplace pension and manage it from start to finish. We help you save money on management fees and operational costs associated with your workplace pension scheme.
We also understand how complex auto-enrolment can be and how confusing it is to follow the legislation. With Husky’s experts on your side, pension compliance is taken care of for you. We mitigate the risk of fines and penalties and check that your auto-enrolment scheme works seamlessly and within the legal standards.
Our auto-enrolment compliance system also keeps an audit trail of all the actions taken, including submissions and employee statutory communications to ensure you can easily prove your compliance if your business gets inspected.
We want you to be compliant, not confused.
Let us help you manage your auto-enrolment scheme.