Modifications etc. (not altering text)
C1Pt. 1 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 Pt. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)
(1)This section applies where a contribution notice is issued to a person under section 38.
(2)Section 88A (financial penalties) applies to the person if the person, without reasonable excuse, fails to pay the debt due by virtue of the contribution notice to—
(a)the trustees or managers of the scheme, or
(b)the Board of the Pension Protection Fund (as the case may be),
before the date specified in the contribution notice for the purposes of this subsection (see section 40(2A)).
(3)The Regulator may not issue a warning notice to the person in respect of the imposition of a penalty under section 88A as it applies by virtue of subsection (2) if an application under section 41(7) has been made—
(a)in relation to the contribution notice, or
(b)in relation to a contribution notice which is a corresponding contribution notice for the purposes of section 40(8),
and the application has not been determined, withdrawn or abandoned.
(4)In this section “warning notice” means a notice given as mentioned in section 96(2)(a).]
Textual Amendments
F1S. 42B inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 106(5), 131(1); S.I. 2021/950, reg. 2(3)(c) (with reg. 3(1)-(3))