Fruit and vegetable processor Flowfood has become the first company to fall foul of new pensions rules.
The Occupational Pensions Regulatory Authority (Opra) fined it £10,000 for failing to provide its employees with access to a stakeholder pension scheme. Employers with more than five employees must offer access to a stakeholder pension or alternative arrangements since the scheme was launched in October 2001. This is the first time Opra has imposed a fine.
Opra acted on a complaint from one of Flowfood’s 300 employees. The company now has a stakeholder scheme.