- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Pensions Act 2004, Section 88A is up to date with all changes known to be in force on or before 05 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Where the Regulator is satisfied that by reason of an act this section applies to a person, the Regulator may issue a notice to the person requiring the person to pay a penalty in respect of that act of an amount specified in the notice within a period specified in the notice.
(2)The amount of the penalty is to be an amount, not exceeding £1 million, determined by the Regulator.
(3)Regulations may amend subsection (2) by substituting a higher amount for the amount for the time being specified in subsection (2).
(4)The date on which the period specified in the notice ends must be at least 28 days after the date on which the notice is issued.
(5)The notice must specify the provision by virtue of which the penalty is imposed.
(6)Where—
(a)a penalty under this section may, apart from this subsection, be imposed on a body corporate, and
(b)the act in question was done with the consent or connivance of a director, manager, secretary or other similar officer of the body or a person purporting to act in any such capacity,
this section applies to that person.
(7)Where the affairs of a body corporate are managed by its members, subsection (6) applies in relation to the acts of a member in connection with the member's functions of management as to a director of a body corporate.
(8)Where—
(a)a penalty under this section may, apart from this subsection, be imposed on a Scottish partnership, and
(b)the act in question was done with the consent or connivance of a partner,
this section applies to that person.
(9)If the Regulator requires a person to pay a penalty under this section by virtue of subsection (6) or (8), it may not also require the body corporate or the Scottish partnership to pay a penalty under this section in respect of the same act.
(10)The Regulator may not issue a notice under this section to a person in relation to an act if—
(a)the person has been convicted of an offence in respect of the same act, or
(b)criminal proceedings for the offence have been instituted against the person in respect of the act and the proceedings have not been concluded.
(11)The Regulator may not issue a notice under this section to a person in respect of an act if the Regulator has required the person to pay a penalty under section 10 of the Pensions Act 1995 (civil penalties) in respect of the same act.
(12)In this section “act” includes omission.]
Textual Amendments
F1Ss. 88A-88C and cross-heading inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 115, 131(1); S.I. 2021/950, reg. 2(3)(i) (with reg. 3(1)(5))
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