The government is committed to ensuring that this pension reform is implemented and has given its enforcement body – the Pensions Regulator (tPR) extensive powers and escalating fines for non- compliance.
These will be related to stages of severity and are, currently:
Stage 1 – A compliance/unpaid contribution notice
Stage 2 – Fixed penalty of £400
Stage 3 – Escalating prescribed daily penalties as per table below
|Number of persons||Prescribed daily rate|