The Pensions Regulator (Information Gathering Powers and Modification) Regulations 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations make provision in relation to the Pensions Regulator’s information gathering powers and provide details of the new civil penalty for non-compliance with the Pensions Regulator’s information gathering powers.

Regulation 3 sets out the information that must be contained in an interview notice issued under section 72A(1) (interviews) of the Pensions Act 2004.

Regulation 4 modifies how the Pensions Regulator’s inspection powers under section 73(6)(d) to (f) (inspection of premises) of the Pensions Act 2004 would apply for multi-employer occupational pension schemes.

Regulations 5 and 6 set out the rate of a fixed penalty notice and the daily rate of an escalating penalty notice which may be issued by the Pensions Regulator under sections 77A (fixed penalty notice) and 77B (escalating penalty notice) of the Pensions Act 2004 for non-compliance with the Pensions Regulator’s information gathering powers under section 72 (provision of information), 72A (interviews), 73 (inspection of premises), 74 (inspection of premises in respect of employer’s obligations) or 75 (inspection of premises: powers of inspectors) of the Pensions Act 2004.

An impact assessment has been carried out as part of the enactment of the measures in the Pension Schemes Act 2021 and has been published alongside the Pension Schemes Act 2021 at www.legislation.gov.uk. Paper copies can be obtained from the Department for Work and Pensions, First Floor, Caxton House, Tothill Street, London SW1H 9NA.