The Pensions Regulator (TPR) recently announced they’ll be completing spot checks on certain employers to make sure duties continue being met.
With Covid restrictions now being lifted, their primary focus is on making sure employees are receiving the correct pension contributions and they’re not missing out.
The last two years have been tough for lots of people and businesses in various ways and over the last 6 months of 2021, TPR fined more than 267 employers totalling £1.3million for non-compliant duties. They know that the majority of employers have continued to keep on top of their duties throughout this period, but where they’re aware of employers who have fallen off track, they’ll be getting in touch.
Whilst they’re carrying out these spot checks, they’ll also use it as an opportunity to gather insight in behaviours and identify any common areas for admin errors. Read TPR’s press release to find out more about these checks.
We look after more than 20,200 pension schemes and of which we’ve very few schemes who are falling short of their duties. Through our dedicated services teams and our continued monitoring of reports, we’re constantly looking at our schemes to make sure their status remains healthy.
You can keep up to date with your regular tasks through your online Dashboard.
If you have any questions about your duties, please contact your financial adviser or look at the guidance from the TPR.
* Employer non-compliant with their duties, subject to further action and court action (1 July to 31 December 2021). Fines may relate to a historical breach.