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The Occupational Pension Schemes (Master Trusts) Regulations 2018
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- UK Statutory Instruments
- 2018 No. 1030
- Regulation 15
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Fixed and escalating penalties
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15.—(1) Where the Regulator issues a fixed penalty notice to a person under section 17(1) of the Act, the penalty is £500.
(2) Where the Regulator issues an escalating penalty notice to a person under section 18(1) of the Act, the daily rate is determined in accordance with the table.
(3) In the first column of the table, Day 1 is the day specified in the escalating penalty notice, in accordance with section 18(6)(d) of the Act, as being the date from which the penalty is payable, and subsequent days are numbered accordingly.
(4) The second column of the table shows the daily rate payable in respect of each day when the notice is in force.
(5) The table is—
| Day | Daily rate |
|---|---|
| 1 | £1,000 |
| 2 | £2,000 |
| 3 | £3,000 |
| 4 | £4,000 |
| 5 | £5,000 |
| 6 | £6,000 |
| 7 | £7,000 |
| 8 | £8,000 |
| 9 | £9,000 |
| 10 | £10,000 |
| Each subsequent day | £10,000. |
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