If you run a business, your company credit rating should be just as valuable, if not more so. Ignoring Auto Enrolment could impact on your credit rating.
The Pensions Regulator, who monitor compliance for Auto Enrolment, last week said that they are beginning to see the first employers receive County Court Judgements (CCJs) for a failure to pay their automatic enrolment fines. This can happen when employers persistently ignore the penalty notices that The Regulator sends them.
If employers don’t pay the fine within 30 days of receiving the CCJ, it gets entered on their credit record. This then remains there for six years, seriously affecting their ability to borrow money for their business in the future.