Article 6 Amendments in relation to penalties

The Pensions Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006^f1 are amended as follows.

In regulation 2, for paragraph (4) substitute—

“(4)

The insurance company is liable to the penalties under—

(a)

Schedule 24 to the Finance Act 2007 (penalties for errors); and

(b)

Schedule 55 to the Finance Act 2009 (penalty for failure to make returns)

if it fails to comply with the obligations imposed by section 254(1) to (7) as applied to it by virtue of paragraphs (2) and (3).”