The Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009

Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006

20.—(1) The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006(1) are amended in accordance with this regulation.

(2) In regulation 18 (exclusivity of remedy)—

(a) for the heading and paragraph (1), substitute—

“Remedies for failure to comply

18.— (1) The only remedies for a failure to comply with any obligations under regulations 6 to 16 in respect of any proposal or decision to make a listed change are—

(a) making a complaint to the Regulator,

(b) an improvement notice issued under section 13 of the Pensions Act 2004 (improvement notices), and

(c) a penalty imposed under regulation 18A.”, and

(b) in paragraph (2), after “A complaint” insert “under paragraph (1)(a)”.

(3) After regulation 18, insert—

“Penalties

18A.— (1) Where a person fails, without reasonable excuse, to comply with a requirement to consult under regulation 7(3), the Regulator may by notice in writing require that person to pay a penalty.

(2) Any such penalty must be paid within 28 days and must not exceed—

(a) in the case of an individual, £5,000; and

(b) in any other case, £50,000.”.

(1)

S.I. 2006/349.