The Pensions Regulator this week published its latest Compliance and Enforcement Quarterly Bulletin that covers the period of April-June 2017. With comprehensive details concerning automatic enrolment compliance, for the first time ever in the history of these publications, links have been included to the names of the pension schemes whose trustees have been fined for failing to complete scheme returns of annual chair's statements. The report lists a number of high profile organisations, some of whom are national and even multinational businesses.
In a statement about the new report, Nicola Parish, TPR's Executive Director for Frontline Regulation, said:
"It is concerning that the trustees of some schemes, including those of some high profile organisations, are failing to complete some of their most basic legal pension duties."
"We expect trustees to comply with their basic duties including providing information in the scheme return on time. Accurate and up-to-date data is the lifeblood of a regulator and enables us to operate effectively. Non-compliance with basic requirements can also be an indicator of broader governance issues within a scheme."
"We want all members to be saving in well-run schemes and will take action to help schemes get the basics right. Size doesn't matter – if you breach your duties, you will face action."
The good news is that the bulletin shows that the vast majority of pension schemes complied with the new legislation, with just 20 schemes receiving a mandatory fine for not preparing a chair's statement and just 45 trustees being fined for failing to submit returns.
Other data that was revealed in the latest bulletin from The Pensions Regulator include:
- 1384 escalating penalty notices were issued in the quarter.
- 4794 fixed penalty notices were issued for automatic enrolment non-compliance (£400 each)
- 276 inspections were carried out during the quarter, an increase of the 224 carried out in the previous quarter.
The report can be viewed here.