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Pensions Act 2004

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Changes over time for: Section 42B

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Pensions Act 2004, Section 42B is up to date with all changes known to be in force on or before 25 February 2025. 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. Help about Changes to Legislation

[F142BFinancial penalty for failure to comply with a section 38 contribution noticeE+W+S

This section has no associated Explanatory Notes

(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and the application has not been determined, withdrawn or abandoned.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).]

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