On the go: Despite the Pensions Regulator enforcement activity reaching a record high, the recovery rate against recoverable debt remains at 30 per cent, new research has revealed.
Data obtained directly from TPR by law firm Clyde & Co shows that there were 128,807 enforcement actions taken by the regulator in the year to March 31 2019, up 26 per cent from 102,497 in the previous year.
Whistleblowing reports received by the watchdog saw a 74 per cent increase in the same period, rising to 8,445 from 4,857.
The total value of enforcement actions more than doubled from the previous year, reaching £124.6m. However, only £18.4m of the £62.1m that is recoverable debt has been recovered.
According to Terry Saeedi, head of pensions at Clyde & Co, enforcement activity has increased rapidly in recent years and employers should take note of this.
She said: “With all political parties pledging funding boosts on the campaign trail, it is clear that better recovery could enable them to keep some of their promises.
“Whatever the colour of the new government, it is likely to grant strengthened powers to the regulator to take action against irresponsible employers.”
Ms Saeedi continued: “As the value of fines continues to increase, we can expect the regulator to look at ways to improve the collection of outstanding debts if the recovery rate does not improve.”
