Pension Schemes Act 2026
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Change 1
55 Enforcement and compliance
(1) Regulations may make provision with a view to ensuring the compliance of any person with any provision of or under this Chapter. (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 or under this Chapter; (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 or under this Chapter; (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 or under this Chapter; (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) £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) Section 7 of the Pensions Act 1995 (appointment of trustees) is amended as follows. (10) In subsection (3), at the end of paragraph (c) omit “or”, and after that paragraph insert— (ca) to secure compliance with the duties of trustees under Chapter 6 of Part 2 of the Pension Schemes Act 2026, or . (11) Regulations under this section are subject to the affirmative procedure.
55 Enforcement and compliance
(1) Regulations may make provision with a view to ensuring the compliance of any person with any provision of or under this Chapter. (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 or under this Chapter; (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 or under this Chapter; (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 or under this Chapter; (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) £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) Section 7 of the Pensions Act 1995 (appointment of trustees) is amended as follows. (10) In subsection (3), at the end of paragraph (c) omit “or”, and after that paragraph insert— (ca) to secure compliance with the duties of trustees under Chapter 6 of Part 2 of the Pension Schemes Act 2026, or . (11) Regulations under this section are subject to the affirmative procedure.
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