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(1)If the scheme administrator of a registered pension scheme fails to comply with a notice under section 250 (registered pension scheme return), the scheme administrator is liable to a penalty of £100.
(2)If the failure continues after a penalty is imposed under subsection (1), the scheme administrator is liable to a further penalty not exceeding £60 for each day on which the failure continues after the day on which that penalty was imposed (but excluding any day for which a penalty under this subsection has already been imposed).
(3)No penalty may be imposed under subsection (1) or (2) in respect of a failure after it has been remedied.
(4)If the scheme administrator of a registered pension scheme fraudulently or negligently—
(a)makes an incorrect return required by a notice under section 250, or
(b)delivers any incorrect accounts, statements or other documents with such a return,
the scheme administrator is liable to a penalty not exceeding £3,000.
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