Pensions Act 2004

[F177AFixed penalty noticesE+W+S

This section has no associated Explanatory Notes

(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)