http://www.legislation.gov.uk/uksi/2021/839/regulation/9The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021enPENSIONSStatute Law Database2024-05-20Expert Participation2023-02-03 These Regulations impose requirements on trustees of certain occupational pension schemes, including trustees of authorised master trust schemes and trustees of schemes authorised to provide collective money purchase benefits, with a view to ensuring that there is effective governance of those schemes with respect to the effects of climate change. The Regulations also impose associated reporting and publication requirements on the trustees. The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 PART 3 9 1 Subject to paragraph (2) and to regulation 11(1) and (3)(b), the Authority may issue a penalty notice to— a a person where they are of the opinion that the person has— i failed to comply with a compliance notice under regulation 7; or ii contravened a provision under Part 2 of, or the Schedule to, these Regulations; b a third party where they are of the opinion that the third party has failed to comply with a third party compliance notice under regulation 8. 2 Where the Authority are of the opinion that a person has failed to comply with the requirement in regulation 6(1)(b) to publish a report on a publicly available website, accessible free of charge, the Authority must issue a penalty notice to that person. 3 A penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice. 4 The amount of the penalty is to be determined by the Authority, but— a for the purpose of a penalty notice issued under paragraph (1) or (2), must not exceed— i £5,000 if the person is an individual; or ii £50,000 if the person is a body corporate, Scottish partnership or any other person; b for the purpose of a penalty notice issued under paragraph (2), must be at least £2,500. 5 A penalty notice must— a where it is issued to trustees, be issued to all the trustees of the scheme and specify their joint and several liability for the penalty; b state the amount of the penalty; c state the date by which the penalty must be paid, which must be at least 4 weeks after the date on which the notice is issued; d state the period (if any) to which the penalty relates; e if the notice is issued under paragraph (1)(a)(i) or (b) or (2), specify the failure to which the notice relates; f if the notice is issued under paragraph (1)(a)(ii), specify the provision or provisions which have been contravened; and g notify the person to whom the notice is issued of the review process under regulation 12 and the right of referral to a tribunal under regulation 13. Reg. 9 in force at 1.10.2021, see reg. 1(1)