112 Fixed penalty notices and escalating penalty notices
Pension Schemes Act 2021 (2021 c 1) | Legislation

112  Fixed penalty notices and escalating penalty notices

After section 77 of the Pensions Act 2004 (penalties relating to sections 72 to 75) insert—

“77A Fixed penalty notices

(1)     The Regulator may issue a fixed penalty notice to a person if it considers that the person—

(a)     has failed to comply with a notice under section 72 or 72A,

(b)     has failed to comply with a requirement under section 75, or

(c)     has prevented or hindered an inspector exercising any power under section 73, 74 or 75.

(2)     A fixed penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.

(3)     The penalty—

(a)     is to be determined in accordance with regulations, and

(b)     must not exceed £50,000.

(4)     A fixed penalty notice must—

(a)     state the amount of the penalty;

(b)     state the date by which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued;

(c)

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