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Pensions Act 2004, Section 77A is up to date with all changes known to be in force on or before 06 September 2024. 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.
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(1)The Regulator may issue a fixed penalty notice to a person if it considers that the person—
(a)has failed to comply with a notice under section 72 or 72A,
(b)has failed to comply with a requirement under section 75, or
(c)has prevented or hindered an inspector exercising any power under section 73, 74 or 75.
(2)A fixed penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.
(3)The penalty—
(a)is to be determined in accordance with regulations, and
(b)must not exceed £50,000.
(4)A fixed penalty notice must—
(a)state the amount of the penalty;
(b)state the date by which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued;
(c)state the period to which the penalty relates;
(d)specify the failure or conduct to which the penalty relates;
(e)state that the Regulator may issue an escalating penalty notice under section 77B if the person fails to comply with a notice under section 72 or 72A;
(f)notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)).
(5)The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act—
(a)section 42 (penalty notices: recovery);
(b)section 43 (review of penalty notices);
(c)section 44 (references to First-tier Tribunal or Upper Tribunal).
(6)This section does not apply in a case where section 40 of the Pensions Act 2008 or section 17 of the Pension Schemes Act 2017 applies.]
Textual Amendments
F1Ss. 77A, 77B inserted (31.5.2021 for specified purposes, 1.10.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 112, 131(1); S.I. 2021/620, reg. 2(1)(d); S.I. 2021/950, reg. 2(5)(c) (with reg. 5)
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