Part 4Financial planning for retirement
F2Pensions dashboards
238GF1Compliance
1
Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under section 238D.
2
The regulations may, among other things—
a
provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under section 238D;
b
provide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of the regulations;
c
provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person—
i
has failed to comply with a compliance notice or third party compliance notice, or
ii
has contravened a provision of regulations under section 238D;
d
provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;
e
confer other functions on the Regulator.
3
The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.
4
But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—
a
£5,000, in the case of an individual, and
b
£50,000, in any other case.
5
In this section “relevant occupational pension scheme” has the meaning given by section 238F.
Ss. 238A-238C and cross-heading inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 118(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(a)