The Pensions Regulator issued 576 escalating penalty notices to employers that failed to comply with auto-enrolment rules between July and September, more than 15 times the amount in the previous three months.
Between April and June, TPR handed out 38 escalating penalty notices. Employers that receive such a notice will receive a penalty of between £50 and £10,000 per day, depending on their size.
The number of fixed penalty notices given out, where employers are fined £400, increased more than four times on the previous quarter’s amount.
Between July and September 3,728 fixed penalty notices were issued compared to 861 between April and June.
TPR says the increase in penalties comes as there was a 50 per cent increase in employers reaching their deadline to comply with auto-enrolment rules.