[F1238GComplianceU.K.
(1)Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under section 238D.
(2)The regulations may, among other things—
(a)provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under section 238D;
(b)provide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of the regulations;
(c)provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person—
(i)has failed to comply with a compliance notice or third party compliance notice, or
(ii)has contravened a provision of regulations under section 238D;
(d)provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;
(e)confer other functions on the Regulator.
(3)The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.
(4)But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—
(a)£5,000, in the case of an individual, and
(b)£50,000, in any other case.
(5)In this section “relevant occupational pension scheme” has the meaning given by section 238F.]
Textual Amendments
F1Ss. 238D-238G inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 119(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(b)