£40,000 Pension Penalty
The Pensions Regulator has recovered £40,000 in civil penalties from Johnsons Shoes Company after it failed to provide a declaration of compliance.
The Company eventually complied and paid a fixed £400 penalty. However, it refused to pay the escalating penalty which increased by £2500 per day, eventually reaching £40,000.
The Company voluntarily paid the penalty but not until the Regulator had issued proceedings in the County Court which meant that the Company had to pay a further £2,000 in court fees.