http://www.legislation.gov.uk/nisr/2015/309/section/28The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015texttext/xmlenStatute Law DatabasePENSIONS2024-05-15Expert Participation2024-03-30 These Regulations impose obligations on trustees and managers of certain occupational pension schemes in relation to charges imposed by and governance of those schemes. They are the first regulations to be made under Schedule 18 to the Pensions Act (Northern Ireland) 2015 (“the 2015 Act”). PART 4281Subject to paragraph (2), the Regulator may issue a penalty notice to—aa third party where it is of the opinion that the third party has failed to comply with a third party compliance notice under regulation 27, orba person where it is of the opinion that the person has failed to comply with—ia compliance notice under regulation 26;iia provision in Part 2, oriiia provision in Part V of the Administration Regulations (governance of relevant schemes).2Where—athe Regulator is in receipt of an indication pursuant to regulation 3(1)(h) of the Register of Occupational and Personal Pension Schemes Regulations (Northern Ireland) 2005 (registrable information) that the trustees or managers have failed to prepare the statement that they are required to prepare by regulation 23 of the Administration Regulations (annual statement regarding governance), orbthe Regulator is of the opinion that the trustees or managers have failed to prepare the statement that they are required to prepare by regulation 23 of the Administration Regulations,the Regulator must issue a penalty notice to the trustees or managers in relation to a first failure in connection with a scheme year.3A penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.4The amount of a penalty is to be determined by the Regulator but—ain relation to a penalty notice issued under paragraph (1) must not exceed—i£5,000 if the person is an individual, orii£50,000 if the person is a body corporate or any other person;bin relation to a penalty notice issued under paragraph (2), must be at least £500 and must not exceed £2,000.5A penalty notice must—awhere it is issued to trustees or managers, be issued to all the trustees or managers of the relevant scheme and specify their joint and several liability for the penalty;b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .cstate the amount of the penalty;dstate the date, which must be at least 4 weeks after the date on which the notice is issued, by which the penalty must be paid;estate the period (if any) to which the penalty relates;fif the notice is issued under paragraph (1)(a) or (b)(i), specify the failure to which the notice relates;gif the notice is issued under paragraph (1)(b)(ii) or (iii), specify the provision or provisions that have not been complied with;hnotify the person to whom the notice is issued of the review process under regulation 31 and the right of referral to a tribunal under regulation 32.6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Part V is added by regulation 16(3) of these RegulationsWords in reg. 28(1)(b) substituted (6.4.2016) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/171), regs. 1, 8(2)Reg. 28(5)(b) omitted (6.4.2016) by virtue of The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/171), regs. 1, 8(3)Reg. 28(6) omitted (6.4.2016) by virtue of The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/171), regs. 1, 8(3)