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Businessman to be prosecuted for failing to reveal company details 5 September 2019
The Pensions Regulator (TPR) is prosecuting a businessman for not complying with two notices issued under section 72 of the Pensions Act 2004, which required information to be provided about his companies.
Allegations have been made by staff working for Vincent Bootes, that they have not had their workplace pension contributions paid by his companies.
TPR is investigating these allegations and is prosecuting Mr Bootes for failing to comply with two notices which were issued to him on 1 June 2018 and 12 September 2018.
Mr Bootes has been summonsed to appear at Brighton Magistrates’ Court on 13 November 2019 to face two charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of that Act. Failure to provide such information without a reasonable excuse is a criminal offence which can result in an unlimited fine. Additionally, those involved can suffer serious reputational damage from being convicted of non-compliance with the law. Businesses could also face further action from their professional body.
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Experts warn that government must amend current auto-enrolment criteria to ‘plug savings gap’ 10 October 2019 Auto-enrolment has generally been regarded in a positive light since its introduction in 2012, as it has prompted a whole new wave of individuals to save money and plan for their futures. Figures indicate that the engagement rates are in surplus of ten million people and the fact that auto-enrolment also requires employers to make contributions to employee pension pots means that employees are receiving a benefit under the act. Pensions Expert have published a report examining the outlook for pensions for the future with data compiled by Interactive Investor, who surveyed 10,000 members currently in, or nearing retirement. The findings do not reflect as positively as initially thought, with many respondents not looking upon retirement favourably with the consensus being that the majority intended to work beyond retirement age. It seemed that men were more likely to stay in employment for recreational reasons whilst for women, it would be because of financial motivations. Experts have stated that the qualifying age should be reduced from the currently set figure of 22 to workers of the age of 18 and above and that the £10,000 earnings criteria should be widened so that it accommodates and considers those with multiple jobs. This is due to the response of the survey which identified a trend with savers disappointed that they didn’t start investing earlier in life and also just that they hadn’t saved enough in general.
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The Pensions Regulator confirms prosecution of child ren’s nursery in crackdown on non-compliance 25 October 2019
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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