The Occupational Pensions Regulatory Authority (OPRA) have reported that the number of cases reported to the authority in the three months to the 30th June showed a marked reduction.
Speaking on Saturday at the Northern Pensions Conference in Newcastle upon Tyne, John Hayes, Chairman of Opra said that the number of cases was down to 2,080 compared to 3,451 in the same period last year.
“It is too soon to draw any conclusions as to the reasons why or whether the trend will continue”, John Hayes added, “but the signs are at least encouraging…”
Mr. Hayes noted that over the same period, late payment cases fell from 1,796 to 1,401, while reports of late production of accounts dropped from 1,209 to 387. Auditors have been instructed by their professional bodies to give equal priority to reporting cases under the new civil regime as under the criminal classification originally set out in the Pensions Act 1995.
John Hayes went on to say:
“My discussions with people in the pensions industry during the last month show increased awareness amongst both employers and trustees of the consequences of late payments and late accounts. I suspect this may already be influencing behaviour. But for those who have failed to heed the message, especially those who have been warned in the past, the next few months will see Opra imposing the first of the new civil penalties for these offences.”
