Civil penalties relating to occupational pension schemes
This section has no associated Explanatory Memorandum
5. Where in relation to an occupational pension scheme a person fails without reasonable excuse to comply with any requirement imposed under these Regulations, the Regulator may, by notice in writing, require that person to pay, within 28 days, a penalty that must not—
(a)in the case of an individual, exceed £5,000, and
(b)in any other case exceed £50,000.