The Occupational Pensions Regulatory Authority (Opra) has published new guidelines to help pension providers and employers avoid being fined for late payments to occupational and personal pension schemes.
From April 2001, when the UK government's new low cost stakeholder pension arrangement comes into force, there will also be new penalties for late contribution payments. Currently a company that fails to pay employee pension contributions on time is fined £50,000 (󌎀,577). From April, pension providers and employers will also face the threat of being fined £5,000 for late payment of contributions to personal pensions and stakeholder plans.
