Record high numbers of workplace pension members in 2019 6 March 2020
The Office for National Statistics (ONS) has published data which highlights that 77% of UK employees were members of a workplace pension scheme in 2019. This is a substantial jump from the 47% who were pension scheme members back in 2012, when auto enrolment was initially rolled out to larger employers. 2019 saw the highest membership rate since records began in 1997, and approximately 21.9 million people were saving, largely into defined contribution pension schemes. More employees were members of a defined contribution scheme than any other for the first time in 2019, with 36% of employees saving into this type of scheme. Whilst the figures are impressive, pension provider Aviva has pointed out that this still means that roughly five million employees are still not members of a workplace pension scheme. Those earning under £10,000 or who are below the autoenrolment qualification age of 22 are not automatically enrolled and so may form a large chunk of that five million. Additionally, there is an estimated further five million self-employed workers who are excluded from auto-enrolment entirely.
Pension experts have urged the government to address auto-enrolment, and to build on the proposals made in 2017 for qualifying bands to be scrapped.
Back to Contents
Company director ordered to pay £12,800 by The Pensions Regulator for failure to provide information 9 March 2020 Michael Woolley, a company director who was the subject of an investigation by The Pensions Regulator (TPR), has been issued a £10,000 fine and ordered to pay costs of £2,800 for failure to provide information and documents as requested. Mr. Woolley was due to appear at Brighton Magistrates’ Court but prioritised the diving holiday in Cuba that he said he already had booked, and so did not attend. TPR had asked that he provide information pertaining to money and assets from 16 pension schemes as part of an ongoing investigation. TPR can request information and documents under section 72 of the Pensions Act 2004, and they initially asked for the details on 22 January 2019. He did not supply all of the information required by the statutory deadline of 12 February 2019 and could not provide a valid excuse for this failure. One of the reasons provided was that he had been preoccupied with trying to qualify for a biennial offshore yacht contest. This took precedence over providing the information requested from the TPR.
Mr. Woolley is the director and a shareholder of Southbank Capital Limited, where money was invested and also director of PIM Trustees Limited, which is the trustee for the pension schemes.
Judge Tessa Szagun maintained that, as sole director, Mr. Woolley should have had easy access to the information requested and his failure to comply with TPR’s request used up their valuable time and resources.
TPR’s Director of Enforcement, Erica Carroll, said:
“The use of our information gathering powers is essential in our work to safeguard people’s pensions.
Anyone refusing to comply with our requests without good reason should take note – they could find themselves in court with a criminal record.”
Back to Contents
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 596 of 629
Made with FlippingBook - Online magazine maker