PSEC 2012 UK regulator hungry for auto-enrolment slip up
01 November 2012 (PLANSPONSOREurope.com) –The UK's Pensions Regulator is "absolutely determined" to make an example of a high profile sponsor, by fining them for inadequate auto-enrolment compliance, according to Mercer.
Addressing the audience at PLANSPONSOR Europe's 2012 Pension Scheme's of Europe Conference in Barcelona, the consultant's head of outsourcing sales, Richard Hilton, claimed the regulator believes this is the most effective way to ensure compliance from the majority of UK firms.
But difficulties getting payroll systems ready means this may not be enough, Richard Wallis, head of reward at Aviva.
"The regulator is absolutely determined to fine somebody, so they can hold them up and say, 'we got someone'," said Hilton.
But Wallis warned: "I know employers who know that they are going to miss their staging dates and are instead putting aside money for fines."