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Age discriminationAuto-enrolmentEmployment lawEquality, diversity and inclusionLatest News

Pensions Bill set to hit employers with £50,000 fines for failing to pay into personal pension accounts

by Gareth Vorster 10 Dec 2007
by Gareth Vorster 10 Dec 2007

Employers that fail to make payments into new personal pension accounts could be hit by fines of up to £50,000.

The Pensions Bill received its first reading in Parliament last week, and proposes automatic enrolment into a qualifying workplace scheme from 2012.

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The Bill would, for the first time, give all staff aged over 22 who earn more than £5,000 a year access to a workplace pension with a minimum employer contribution. Fines may be imposed by the Pensions Regulator if employers do not make payments into personal accounts or do not automatically enrol, or re-enrol, eligible employees into the schemes.

Rachel Vahey, head of pensions development at insurer Aegon Scottish Equitable, said the threat of a fine sent out a strong message to firms. “If employers ignore the legislation, then the Pensions Regulator will issue them with a compliance notice. If they still don’t comply, they could be fined a fixed amount of up to £50,000 and an escalating fine of up to £10,000 a day,” she said.




Gareth Vorster

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