Last week, AccountancyAge.com reported total fines could total as high as Pounds 11.5bn based on data from the Association of British Insurers, with as many as 200,000 of required companies not yet registered with a stakeholder pensions provider.
But Opra communications manager Nick Edmans told AccountancyAge.com the maximum fine any organisation had so far received was Pounds 28,000 administered to a county council for ‘multiple pensions violations’.
Edmans said Opra would not administer a fine on a company that ‘would do major damage to its business’ and said most fines had been in the order of Pounds 20 to Pounds 50.
Despite the 8 October deadline having already passed Edmans said there was still time for companies to sign up.
But he warned: ‘We will not be knocking on doors, but if we catch up with someone in say nine months time and they have not registered the case will be a lot worse.’
Edmans said the process of registration was very simple. Upon consultation and agreement with staff, a business owner could meet his obligation by posting the name and phone number of a stakeholder pension provider on a staff notice board or by sending an email.
Figures provided by the ABI show the number of companies registered with a provider stands at 146,000, but Opra said the exact number might never be known as there was no legal obligation for companies to inform the provider that it had registered with them.
A spokesman for the ABI said ‘key’ figures for September would be known in ‘a few weeks’.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel