Regulation 2 Amendment to regulation 2(3) of the Audited Accounts Regulations

For paragraph (3) of regulation 2 of the Audited Accounts Regulations there shall be substituted the following paragraphs—

“(3)

Where the trustees or managers of a scheme have failed without reasonable excuse to take all such steps as are necessary to secure compliance with either the requirement to obtain accounts audited by the auditor of the scheme or the requirement to obtain an auditor’s statement about contributions to the scheme in accordance with paragraph (1)(a) or (b), they shall be liable to pay to the Occupational Pensions Regulatory Authority, within 28 days from the date of its imposition, a penalty not exceeding—

(a)

£5,000 in the case of an individual; and

(b)

£50,000 in any other case.

(4)

Section 3 of the Pensions Act 1995 shall apply to a trustee of a scheme in respect of any failure by that trustee to comply with the requirements of paragraph (1)(a) or (b).”.