Penalty noticesE+W+S
31.—(1) A penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.
(2) Subject to regulation 33(1) and (3)(b), the Regulator may issue a penalty notice to—
(a)any trustee or manager of a pension scheme where the Regulator is of the opinion that the trustee or manager has—
(i)failed to comply with a compliance notice under regulation 29, or
(ii)contravened a provision under Part 3;
(b)a third party where the Regulator is of the opinion that the third party failed to comply with a third party compliance notice under regulation 30.
(3) The amount of the penalty is to be determined by the Regulator, but in respect of a failure or contravention must not exceed—
(a)£5,000 if the person is an individual, or
(b)£50,000 if the person is a body corporate (including corporate trustees), a Scottish partnership, or any other person who is not an individual.
(4) A 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 4 weeks after the date on which the penalty notice is issued;
(c)state the period (if any) to which the penalty relates;
(d)if the penalty notice is issued under paragraph 2(a)(i) or (2)(b), specify the failure to which the penalty notice relates;
(e)if the notice is issued under paragraph 2(a)(ii), specify the provision which has been contravened;
(f)notify the person to whom the notice is issued of the review process under regulation 34 and the right of referral to a tribunal under regulation 35.
(5) Where the Regulator may issue more than one penalty notice to a person because there has been—
(a)more than one failure to comply with the same compliance notice, or
(b)more than one contravention of a provision under Part 3 (whether more than one contravention of the same provision or contraventions of different provisions),
the penalty notices may be issued in a single document.
(6) If a single document is issued as mentioned in paragraph (5), the information required by paragraph (4) may be provided in the document by reference to more than one penalty.
Commencement Information
I1Reg. 31 in force at 12.12.2022, see reg. 1(2)