The total number of employers fined represents a small number compared to the tens of thousands of businesses which have now complied with their automatic enrolment duties. Our automatic enrolment compliance and enforcement bulletin includes details on how many times we have used statutory powers. Find out more in the research and analysis section of our website.
£8.5m settlement reached
An £8.5 million settlement has been reached with two Russian companies following our investigation into the Carrington Wire Defined Benefit (DB) Pension Scheme. In November 2012, we issued a warning notice to three potential 'targets', indicating our intention to issue contribution notices in connection with the scheme. Shortly before an oral hearing of our Determinations Panel was due to take place, an offer was made by the Russian companies to pay the sum of £8.5 million to the scheme. We agreed that if that sum was paid, we would withdraw our case against the Russian companies. The funds have subsequently been paid to the scheme.
Public service schemes: latest news
We've launched a comprehensive e-learning programme for those people involved in running public service pension schemes. You can sign up for free now. Just like the Trustee toolkit, all our course activities are available to download and complete offline, helping you get to grips with the changes to public service schemes when and where you want. We've also just launched a consultation on our compliance and enforcement policy for public service schemes, which outlines how we engage with schemes and at what stage we will move to enforcement. The consultation lasts for four weeks and you can see it on our website
Prompt for all UK small businesses
In the coming weeks we will be writing to all UK small and micro businesses to tell them about automatic enrolment. The letter tells employers when their staging date is and asks them to nominate a contact to receive helpful communications as their staging date approaches. If you haven't reached your staging date yet then find out what you should be doing to prepare for automatic enrolment.
DC memberships now exceed DB
Automatic enrolment has led to active defined contribution (DC) memberships exceeding defined benefit (DB) for the first time. The figures are in our sixth annual statistics report on DC occupational pension schemes, which is based on data from 40,000 private pension schemes. This year's report includes new information, including the use of schemes for automatic enrolment and the total amounts transferred into schemes.
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