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The Pensions Regulator issued 20,555 compliance notices between July and December 2021, properly down on the 35,087 points for the earlier six months.
It additionally issued 1000’s fewer mounted penalty notices – 17,284 – in comparison with the earlier six month interval (22,542) and fewer 6,988 escalating penalty notices (in comparison with 7,407).
Nevertheless, the regulator issued 13,376 unpaid contribution notices (in comparison with 11,921 within the earlier interval). These have been primarily associated to auto-enrolment points.
When it comes to TPR’s frontline regulation powers, the full variety of statutory powers used was 244 in comparison with 286 within the earlier six-month interval.
The figures are revealed within the TPR’s newest compliance and enforcement bulletin which reveals what number of instances it used its powers between July and December 2021. The bulletin compares using the powers – together with these in relation to computerized enrolment – because the earlier bulletin protecting the six-month interval from January to June final yr.
TPR stated the general discount in notices issued was primarily resulting from a discount within the variety of employers resulting from full their re-enrolment duties.
The TPR stated it stepped up its efforts to make sure employers have been following auto-enrolment and employer contribution guidelines.
Within the six months to the top of December, TPR used its powers to difficulty a £2m contribution discover to an abroad mum or dad firm and secured a £130,000 settlement with a senior firm govt to assist shield a 600-member outlined profit scheme.
TPR additionally used its anti-avoidance powers towards SMT Scharf AG, a German mining tools enterprise with world pursuits and subsidiaries, in assist of the scheme for the workers of the Dosco Group, a UK-based engineering enterprise. A monetary settlement was secured with a former chief govt of the Dosco Group, Martin Cain.
SMT Scharf AG offered the Dosco Group to a administration buyout firm which had no real looking prospect of with the ability to assist the enterprise. The pension scheme’s sponsoring employers went bust eight months after the sale.
The case additionally marks the primary time TPR’s Determinations Panel has awarded extra sums for misplaced funding returns and curiosity.
Nicola Parish, govt director of frontline regulation at TPR, stated: “This case sends a transparent warning to company entities and people that TPR will take motion the place acceptable to guard schemes no matter their measurement. It additionally reveals that the very fact a goal relies abroad isn’t any impediment to using our anti avoidance powers.
“Scharf confirmed an entire disregard for the scheme which was left with no funding or prospect of economic assist. We put savers on the coronary heart of all we do and we take an especially dim view when their pursuits are intentionally uncared for on this approach.”
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