Fines By Pension Watchdog Drop Following COVID Breaks
Law360, London (July 22, 2021, 3:06 PM BST) -- The number of fines handed out by the U.K. retirement savings watchdog nearly halved last year, according to its annual report, after it introduced regulatory breaks for companies at the start of the coronavirus pandemic.
The Pensions Regulator said on Wednesday that 28,220 fines were imposed between April 2020 and March 2021 on companies for failing to automatically enroll staff in workplace saving plans, down from 48,267 in the previous financial year. The number of mandatory penalty notices, levied when the chair of a pension trustee fails to prepare a regulatory statement, fell from 150 to just 62 in the same...
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