Section 238G — Pensions Act 2004: Compliance

Compliance 238G 1 Regulations 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.