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

Escalating penalties

6.—(1) For the purposes of section 77B(5)(a) of the Act (escalating penalty notices), the daily rate of the penalty is—

(a) in the case of a penalty notice issued to an individual, £200;

(b) in the case of a penalty notice issued to a person other than an individual, the amount shown in the second column of the table in paragraph (2) in relation to the day in the first column of that table.

(2) The table is—

Day	Daily rate
1	£500
2	£1,000
3	£1,500
4	£2,000
5	£2,500
6	£3,000
7	£3,500
8	£4,000
9	£4,500
10	£5,000
11	£5,500
12	£6,000
13	£6,500
14	£7,000
15	£7,500
16	£8,000
17	£8,500
18	£9,000
19	£9,500
20	£10,000
Each subsequent day	£10,000

where Day 1 is the day specified in the escalating penalty notice, in accordance with section 77B(6)(d) of the Act, as being the date from which the penalty is payable, and subsequent days are numbered accordingly.