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’.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice