The Pensions Regulator

About stakeholder pensionsAbout stakeholder pensions

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Penalties

Employers may incur a civil penalty from the Pensions Regulator if they fail to:

• prepare a record of the payment arrangements;
• keep the record up to date;
• send the record to the trustees or stakeholder manager;
• inform the trustees or stakeholder manager of any amendments/changes;
• make correct payments by the due date.

The maximum fine possible is £50,000 for a company or £5,000 for an individual.

Where there is fraudulent intent, the penalty may be criminal.

The Pensions Regulator is less interested in punishing people than in getting things done correctly. Inadvertent mistakes are unlikely to be punished if they are put right promptly.

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