Lorica Employee Benefits has launched a guide to explain the 2012 pension reforms and the challenges of auto-enrolment, including what organisations should do to prepare.
The guide introduces the challenges, explains employer duties, and provides steps on what they should be doing now. It also includes details about staging dates.
Jason Cannon, corporate pensions adviser for Lorica Employee Benefits, said: “Employers should be aware that The Pensions Regulator (TPR) is policing and enforcing the pension reforms.
“The TPR’s powers include warning notices and fixed penalties, which range from £50 to £10,000 per day, depending on the number of employees and if an organisation is a persistent offender.
“These fines are very much designed for those who wish to ignore and or do not comply with the legislation, but it could catch employers out that step the wrong side, or misinterpret the rules, even with the best intentions.”
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