The Occupational Pensions Regulatory Authority has fined its first company for not complying with Stakeholder Pension regulations. The company, a food-processing firm, was fined £10,000 by OPRA for not offering its staff access to a Stakeholder pension. OPRA apparently became involved when an employee approached them, claiming to have been refused access to a pension scheme.
Our View:
OPRA has the ability to issue fines upto around £50,000 if employers fail to comply with Stakeholder regulations. This first flex of the muscles has come more than 2 years after the regulations for employers were introduced. This must be an incentive not to fall foul of OPRA. If you have five or more qualifying employees, you must offer them a Stakeholder pension. Visit our site the Stakeholder Café.com for further details.