Section 238G Compliance

(1)

F1Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under section 238D.

(2)

The regulations may, among other things—

(a)

provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under section 238D;

(b)

provide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of the regulations;

(c)

provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person—

(i)

has failed to comply with a compliance notice or third party compliance notice, or

(ii)

has contravened a provision of regulations under section 238D;

(d)

provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;

(e)

confer other functions on the Regulator.

(3)

The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.

(4)

But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—

(a)

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

(b)

£50,000, in any other case.

(5)

In this section “relevant occupational pension scheme” has the meaning given by section 238F.

Annotations

Textual amendments

F1: Ss. 238D-238G inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 119(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(b)