The Pensions Regulator (TPR) has ordered a firm to pay back more than £700,000 of pension contributions after it miscalculated the amounts due for more than a year.
The auto-enrolment (AE) section of its latest quarterly bulletin for July to September stated the "major employer" blamed the error on staff being "very busy" when it alerted the watchdog and said that it would be willing to pay the roughly £350,000 shortfall of employer contributions as well as an additional amount to compensate for the loss of potential investment gains. According to TPR, it did not accept either the explanation or the proposal and ordered the employer to pay the full amount due. The unnamed firm paid the outstanding amount in July this year, and is "now compliant with...
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