Part 1The Pensions Regulator

Gathering information

F177AFixed penalty notices

(1)

The Regulator may issue a fixed penalty notice to a person if it considers that the person—

(a)

has failed to comply with a notice under section 72 or 72A,

(b)

has failed to comply with a requirement under section 75, or

(c)

has prevented or hindered an inspector exercising any power under section 73, 74 or 75.

(2)

A fixed penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.

(3)

The penalty—

(a)

is to be determined in accordance with regulations, and

(b)

must not exceed £50,000.

(4)

A fixed penalty notice must—

(a)

state the amount of the penalty;

(b)

state the date by which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued;

(c)

state the period to which the penalty relates;

(d)

specify the failure or conduct to which the penalty relates;

(e)

state that the Regulator may issue an escalating penalty notice under section 77B if the person fails to comply with a notice under section 72 or 72A;

(f)

notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)).

(5)

The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act—

(a)

section 42 (penalty notices: recovery);

(b)

section 43 (review of penalty notices);

(c)

section 44 (references to First-tier Tribunal or Upper Tribunal).

(6)

This section does not apply in a case where section 40 of the Pensions Act 2008 or section 17 of the Pension Schemes Act 2017 applies.