UK - The Occupational Pensions Regulatory Authority received more than 120 reports of companies which failed to enforce stakeholder compliance in the first week following the deadline.
But the pensions watchdog said no fines would be handed out until December, after cases had been verified and discussed by the board. OPRA spokesman Nick Edmans said that at first the board is likely to take a “pragmatic view” and advise employers which have not assigned a stakeholder to do so soon.
But he added: “The longer they leave it, the heavier the fine.”
Edmans said that despite a national advertising campaign, OPRA was receiving many enquiries from firms which did not know whether they were exempt from assigning a stakeholder provider.
The regulator confirmed that no large companies have been reported for non-compliance.
Many industry experts believe the pensions watchdog may single out and fine a household name as an example to others to comply with stakeholder regulation.
• OPRA confirmed that its plans to name and shame pension schemes, companies and trustees who are in breach of the Pension Act, will begin early next week.
So far, 41 cases have been reported and will be on OPRA’s website – www.opra.gov.uk.
The site will publish the name of the scheme, the breaches in question, the name of the business if it is an employer-related offence, and the penalty imposed.
The offences mostly relate to late accounts and late payment of employee contribution.
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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