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UK roundup: TPR debt recovery rate ‘low’, £40m missed

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first_imgTerry Saeedi, head of pensions at Clyde & Co, said: “Enforcement activity has increased rapidly in recent years and employers should take note of this activity. 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.”She said that whatever party is elected next week, it is likely to grant strengthened powers to the regulator to take action against irresponsible employers. “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,” she added.  Terry Saeedi at Clyde & CoUnder the pensions obligations, which came into force between 2012 and 2018, all businesses must enrol all eligible employees into a pension scheme or face enforcement action from the regulator. Failure to comply with the auto-enrolment obligations can lead to fines of up to £10,000 per day, depending on the size of the business.”Seven years after the introduction of auto-enrolment, employees are becoming increasingly aware of their rights. The sharp rise in the number of whistleblowing reports received by the regulator shows that these, too, put pressure on employers to comply with their obligations,” Saeedi added.The research showed that the biggest increase was among unpaid contribution notices, which increased fourfold last year compared to 2017/18. These are issued when an employer has not paid its contributions into a pension scheme by the required date. If contributions are unpaid for too long, the employer becomes liable to pay the employees’ contributions as well as their own. KPMG signs agreement to sell its UK pensions practiceAccounting giant KPMG has confirmed that it has signed a conditional agreement to sell its market-leading UK pensions practice to NewCo, which is backed by private equity firm Exponent and KPMG UK’s current pensions partners.Once completed, the sale will see all 20 partners and circa 500 staff currently employed in KPMG’s UK pensions practice transfer to the NewCo.Andrew Coles, currently UK head of pensions at KPMG, will be NewCo’s chief executive officer.The firm will disclose further details upon completion.Smart Pension partners with Revolut to offer pan-European solutionSmart Pension, a workplace pension, has partnered with digital financial services firm Revolut to provide a unique retirement savings solution for its business customers.The collaboration will allow companies from across Europe that sign up for Revolut’s business account to set up a workplace pension for their UK employees within minutes.Vaidas Adomauskas, head of business product at Revolut, said: “Our new partnership with Smart Pension makes it easy for our business customers to meet auto enrolment requirements for eligible members of their companies. Not only can account holders take advantage of this preferential rate from Smart Pension, but they can set up both a business account and get pensions up and running in minutes.”The announcement follows the news last week that Revolut’s business customers with local sterling account details can now set up direct debits to automate the payment of regular bills and expenditure including monthly pension contributions.Will Wynne, Smart Pension co-founder and managing director, said: “Revolut shares our passion for using technology to make life easy for people.”He said the Revolut’s business account can now be used by employers across Europe to automatically pay into a workplace pension for their UK workers without hidden fees.The new feature will see Revolut for Business customers that sign up before 30 April 2020 get an introductory offer to include a promotional discount off members’ fees.Business account holders will be able to access the time-limited offer via the Perk pages on Revolut’s platform. With just one week to go until the General Election, new research from global law firm Clyde & Co has revealed that the UK Government is missing out on £40m (€47.4m) of funds by not recovering debts owed from individuals and businesses that have failed to comply with their pensions obligations.Enforcement actions by the UK Pensions Regulator (TPR) increased by over a quarter in the last year but the recovery rate against recoverable debt remains low at 30%, according to the research.Data obtained directly from TPR reveals that there were 128,807 enforcement actions taken in the year to 31 March 2019, up 26% from 102,497 in the previous year. Whistleblowing reports received by the regulator saw a 74% increase in the same period, rising from 4,857 to 8,445.The total value of enforcement actions more than doubled from the previous year, reaching £124.6m. Yet crucially only £18.4m of the £62.1m that is recoverable debt has been recovered.last_img read more

British Open 2019: Updates, highlights from Round 3 at Royal Portrush

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first_imgThe third round of the British Open quickly turned into the Shane Lowry show.Lowry took not only a four-stroke lead into the final round of play, but also shot a single-round record of 8-under in Round 3. MORE: Watch the British Open live with fuboTV (7-day free trial)Lowry was the headliner of an all-around great round of golf on Saturday, as Tommy Fleetwood (12-under) and J.B. Holmes (10-under) find themselves in positions 1-3 heading into the final round of play.Sporting News provided live highlights of the British Open. Updates and highlights from Round 3:British Open Round 3 highlights, updates3 p.m.: Pretty good stuff from Round 3:Absolute scenes…and it’s only Saturday #TheOpen pic.twitter.com/Uu2DXmFPyG— The Open (@TheOpen) July 20, 20192:34 p.m.: Lowry has now taken a four-stroke lead in the third round. Here’s his next-to-last birdie:[email protected] takes a 3-shot lead with his 7th birdie of the day #TheOpenLive scoring 👉https://t.co/eQjasgPOwf pic.twitter.com/y33ff1N3bv— The Open (@TheOpen) July 20, 20191:41 p.m.: Good stuff from Danny [email protected]_Willett with a 65 and the current low round of the day 👏 #TheOpen pic.twitter.com/HwmwKdjOmd— The Open (@TheOpen) July 20, 20191:23 p.m.: Just to give you an idea of the level of play we’re seeing. …Only three bogeys between the top seven players on the leaderboard in Round 3 so far. Here’s how it looks on moving day 👇 #TheOpen #NTTDATAWallLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/tOmX0H2PNQ— The Open (@TheOpen) July 20, 20191:10 p.m.: This is the moment @ShaneLowryGolf took the outright lead at -11 #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC pic.twitter.com/EbjUkj06YE— The Open (@TheOpen) July 20, 201912:46 p.m.: And Lowry’ back on top of the leaderboard by himself at 11-under. The crowd is definitely in his favor.12:44 p.m.: More excellent long game out there in Round 3They’re not giving each other an inch. We have four men on -10 and all bogey-free #TheOpen #NTTDATAWallLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/I8wVIPxcjK— The Open (@TheOpen) July 20, 201912:10 p.m.: We now have a four-way tie at 10-under with Fleetwood making a 2-foot birdie. They’re not giving each other an inch. We have four men on -10 and all bogey-free #TheOpen #NTTDATAWallLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/I8wVIPxcjK— The Open (@TheOpen) July 20, 201911:56 a.m.: Shane Lowry back atop the leaderboard with Westwood and Holmes at 10-under.We have three players at the top of the leaderboard on -10 and all bogey-free so far in Round 3 #TheOpen #NTTDATAWallFollow live scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/gcvKoJL6ER— The Open (@TheOpen) July 20, 201911:47 a.m.: Great golf all around in Round, especially from Fleetwood.As close as it gets! @TommyFleetwood1 putting on a chipping masterclass at 5 #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC pic.twitter.com/EbYD7czWox— The Open (@TheOpen) July 20, 201911:33 a.m.: Wow. Dylan Frittelli is now 6-under with an incredible eagle.’Magic!’A superb eagle moves @Dylan_Frittelli to -6 #TheOpenLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/rgVe0FXGK6— The Open (@TheOpen) July 20, 201911:19 a.m.: Westwood is joined at 9-under by Holmes for the tournament lead. This could get interesting.11:15 a.m.: And Westwood now has the outright lead with a birdie on the par-3 third — his second birdie through three holes this round.And here’s that third @WestwoodLee birdie, wow! #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC … pic.twitter.com/dVyEorlSrO— The Open (@TheOpen) July 20, 201911:12 a.m.: Schauffele moving up the board [email protected] made the turn at -4 for the day and he didn’t slow down at 10 #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC pic.twitter.com/w0yhjRjcD1— The Open (@TheOpen) July 20, 201911 a.m.: And now Tommy Fleetwood joins the leaders at 8-under.That didn’t take long! @TommyFleetwood1 joins the leaders at -8 #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC pic.twitter.com/Nt4JeNgCXm— The Open (@TheOpen) July 20, 201910:54 a.m.: The local is getting quite a lot of support.That was some welcome for co-leader @ShaneLowryGolf #TheOpenLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/OdTfcc7cby— The Open (@TheOpen) July 20, 201910:47 a.m.: That should make things a little interesting down the stretch.🐦Back-to-back🐦 @XSchauffele birdies the 7th and 8th to move to within 2 shots of the lead ⬆️ #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC pic.twitter.com/DkLr85lxHP— The Open (@TheOpen) July 20, 201910:33 a.m.: A little luck never [email protected]_Willett is not only playing well, he enjoyed some luck on the way to a fourth birdie of the day #TheOpenLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/uAzrHjU3Yi— The Open (@TheOpen) July 20, 201910:30 a.m.: Thirty minutes from teeing off.The co-leader is here ✅@ShaneLowryGolf arrives with his daughter at the @MercesBenz Player Arrival Zone #TheOpen pic.twitter.com/8CURYTmhdx— The Open (@TheOpen) July 20, 201910:15 a.m.: They’re going long today. [email protected]’s second birdie of the day is met by a roar from the crowd at the 4th #TheOpenLive scoring 👉https://t.co/eQjasgPOwf pic.twitter.com/7Hi9ALrdTU— The Open (@TheOpen) July 20, 20199:45 a.m.: Henrik Stenson with the loooooong birdie on No. 3 to get to 5-under.And here’s that monster putt at the 3rd for @henrikstenson #TheOpenLive coverage 👉 https://t.co/V5gkRJCUkC … pic.twitter.com/0q27tpAc1S— The Open (@TheOpen) July 20, 20199:38 a.m.: Xander Shaufelle making moves.Another birdie on the 2nd in Round 3 and @XSchauffele is on his way ⬆️ He’s -7 for his last 13 holes #TheOpen #NTTDATAWallLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/xtsYpWgsKS— The Open (@TheOpen) July 20, 20199:21 a.m.: What a rollercoaster of emotions that must have [email protected]_ bounces back from an opening bogey with an eagle at the 2nd #TheOpenLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/hB8kQQTK4F— The Open (@TheOpen) July 20, 20199:20 a.m.: A nice refresher for us Americans who didn’t want to wake up at 4 a.m. to watch the start of Round 3: Here is the best of the action of Round 3 so far #TheOpenLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/kx0j1pc18u— The Open (@TheOpen) July 20, 20199:17 a.m.: That is a long putt. Gary McNeill’s got to like that one.’What a lovely memory that will be’Royal Portrush Head Pro Gary McNeill holes a huge putt at 17 #TheOpenLive scoring 👉 https://t.co/eQjasgPOwf pic.twitter.com/PLEVvkY3ce— The Open (@TheOpen) July 20, 2019British Open leaderboard: Live scores from Round 3LeaderboardThe Open Championship17 – 20 July 2019Pos.Player NameNationalityScoreRound 1Round 2Round 3Round 4Total1Shane LowryRepublic of Ireland-15676763722692Tommy FleetwoodEngland-9686766742753Tony FinauUSA-7687068712774Lee WestwoodEngland-6686770732784Brooks KoepkaUSA-6686967742786Rickie FowlerUSA-5706966742796Danny WillettEngland-5746765732796Robert MacIntyreScotland-5687271682796Tyrrell HattonEngland-56871716927910Patrick ReedUSA-47167717128011Justin ThomasUSA-37170687228111Jon RahmSpain-36870687528111Francesco MolinariItaly-37469726628111Tom LewisEngland-37568687028111Alex NorenSweden-36871687428116Rory SabbatiniSouth Africa-27070717128216Ryan FoxNew Zealand-26875706928216Sanghyun ParkSouth Korea-26972687328216Lucas BjerregaardDenmark-27068747028220Erik Van RooyenSouth Africa-17068727328320Matthew FitzpatrickEngland-17169707328320Henrik StensonSweden-17069687628320Jordan SpiethUSA-17067697728320Justin RoseEngland-16967687928320Lucas GloverUSA-17269717128320Doc RedmanUSA-17171717028320Cameron SmithAustralia-17066717628320Stewart CinkUSA-17468717028320Louis OosthuizenSouth Africa-17072726928330Webb SimpsonUSAPar6871717428430Kevin KisnerUSAPar7071707328432Bernd WiesbergerAustria+17071747028532Byeong Hun AnSouth Korea+17367707528532Kiradech AphibarnratThailand+16873776728532Joost LuitenNetherlands+17369717228532Andrew WilsonEngland+17667717128532Jason KokrakUSA+17469746828532Ernie ElsSouth Africa+17169727328532Dylan FrittelliSouth Africa+16869707828532Andrew PutnamUSA+17067707828541Russell KnoxScotland+27071687728641Callum ShinkwinEngland+27071757028641Kyle StanleyUSA+27567737128641Matt KucharUSA+27068697928641Benjamin HebertFrance+27369737128641Justin HardingSouth Africa+27165747628641Aaron WiseUSA+27269717428641Xander SchauffeleUSA+27465697828641Patrick CantlayUSA+27071717428641Inn-Choon HwangSouth Korea+27271707328651Charley HoffmanUSA+37073707428751Dustin JohnsonUSA+37267727628751Branden GraceSouth Africa+37071757128751Matt WallaceEngland+37370727228751Shubhankar SharmaIndia+37072776828751Bubba WatsonUSA+37271737128757Kevin StreelmanUSA+47765747228857Adam HadwinCanada+47469727328857Thorbjørn OlesenDenmark+47268777128857Ashton TurnerEngland+46974776828857Paul CaseyEngland+47270737328857Graeme McDowellNorthern Ireland+47370687728863Romain LangasqueFrance+56972707828963Jim FurykUSA+57368757328963Paul WaringEngland+57568757128963Mikko KorhonenFinland+57269717728967Sergio GarciaSpain+66873717829067Yosuke AsajiJapan+67271717629067J.B. HolmesUSA+66668698729067Thomas PietersBelgium+67268747629071Eddie PepperellEngland+87072767429272Nino BertasioItaly+97271757529372Yuki InamoriJapan+970737080293Click here or refresh the page if you can’t view the leaderboard.last_img read more