Regulation 15 Fixed and escalating penaltiesI1
Northern Ireland
Where the Regulator issues a fixed penalty notice to a person under section 17(1)f1 of the Act, the penalty is £500.
Where the Regulator issues an escalating penalty notice to a person under section 18(1)f2 of the Act, the daily rate is determined in accordance with the table,
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.
The second column of the table shows the daily rate payable in respect of each day when the notice is in force.
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. |
Annotations
Commencement
- I1
Reg. 15 in operation at 27.3.2024, see reg. 1
Footnotes
- f1
-
Section 17(1) was amended by paragraph 21 of Schedule 3 to the Pension Schemes Act (Northern Ireland) 2021
- f2
-
Section 18(1) was amended by paragraph 22(2) and (3) of Schedule 3 to the Pension Schemes Act (Northern Ireland) 2021