Pension Schemes Act 2026
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Change 1
32 Enforcement by the Pensions Regulator
(1) Small pots regulations may make provision with a view to ensuring the compliance of any person who is not FCA-regulated with any provision of the regulations. (2) The regulations may in particular— (a) provide for the Pensions Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of the regulations; (b) provide for the Pensions 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 Pensions Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the person— (i) has failed to comply with a compliance notice or third party compliance notice, or (ii) has contravened a provision of the regulations; (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. (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) £10,000, in the case of an individual, and (b) £100,000, in any other case. (5) Any penalty payable under the regulations is recoverable by the Regulator. (6) In England and Wales, any such penalty is, if the county court so orders, recoverable under section 85 of the County Courts Act 1984 or otherwise as if it were payable under an order of that court. (7) In Scotland, a penalty notice is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom. (8) The Regulator must pay into the Consolidated Fund any penalty recovered under this section. (9) A reference in this section to a provision of small pots regulations includes a reference to a requirement or restriction imposed by the Pensions Regulator under the regulations.
32 Enforcement by the Pensions Regulator
(1) Small pots regulations may make provision with a view to ensuring the compliance of any person who is not FCA-regulated with any provision of the regulations. (2) The regulations may in particular— (a) provide for the Pensions Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of the regulations; (b) provide for the Pensions 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 Pensions Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the person— (i) has failed to comply with a compliance notice or third party compliance notice, or (ii) has contravened a provision of the regulations; (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. (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) £10,000, in the case of an individual, and (b) £100,000, in any other case. (5) Any penalty payable under the regulations is recoverable by the Regulator. (6) In England and Wales, any such penalty is, if the county court so orders, recoverable under section 85 of the County Courts Act 1984 or otherwise as if it were payable under an order of that court. (7) In Scotland, a penalty notice is enforceable as if it were an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom. (8) The Regulator must pay into the Consolidated Fund any penalty recovered under this section. (9) A reference in this section to a provision of small pots regulations includes a reference to a requirement or restriction imposed by the Pensions Regulator under the regulations.
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