18.—(1) The Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 2006(1) shall be amended in accordance with paragraphs (2) and (3).
(2) In regulation 18 (exclusivity of remedy)—
(a)for the heading substitute “Remedies for failure to comply”;
(b)for paragraph (1) substitute—
“(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 Article 9 of the Order, and
(c)a penalty imposed under regulation 18A.”;
(c)in paragraph (2) after “A complaint” insert “under paragraph (1)(a)”.
(3) After regulation 18 insert—
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.”.
S.R. 2006 No. 48 to which there are amendments not relevant to these Regulations