Author: JP / / Latest News
Employers have been warned by The Pensions Regulator (TPR) about the financial consequences when failing to comply with escalating penalty notices (EPNs), these are designed to encourage employers to comply with their duties under pension’s automatic enrolment. EPNs stipulate the date which employers must carry out various actions or they will face a fine. They are only issued to employers that have failed to comply, first with a compliance notice and then with a subsequent fixed penalty of £400.
If the recipient of an EPN does not comply with the requirements within 28 days, they are liable to a fine that increases daily. For employers with one to four employees, EPN fines increase by £50 per day, and the fine for employers with between 5 – 49 employees increase at a rate of £500 per day.
Please contact the office if you have any questions 01623 420269.
For more information regarding the regulators warning please follow the link.