Pension Schemes Act 2026
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Change 1
92 Fixed penalty notices
(1) The Regulator may issue a fixed penalty notice to a person if it considers that the person has failed to comply with a requirement imposed by or under section 87, 88 or 90. (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 made by the Secretary of State, and (b) must not exceed £100,000. (4) A fixed penalty notice must— (a) state the amount of the penalty, (b) state the date before which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued, (c) specify the failure to which the penalty relates, (d) state that the Regulator may issue an escalating penalty notice under section 93 if the person fails to comply with the requirement in question, and (e) notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)). (5) The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act— (a) section 42 (penalty notices: recovery); (b) section 43 (review of penalty notices); (c) section 44 (references to First-tier Tribunal or Upper Tribunal). (6) Regulations under subsection (3)(a) are subject to the negative procedure.
92 Fixed penalty notices
(1) The Regulator may issue a fixed penalty notice to a person if it considers that the person has failed to comply with a requirement imposed by or under section 87, 88 or 90. (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 made by the Secretary of State, and (b) must not exceed £100,000. (4) A fixed penalty notice must— (a) state the amount of the penalty, (b) state the date before which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued, (c) specify the failure to which the penalty relates, (d) state that the Regulator may issue an escalating penalty notice under section 93 if the person fails to comply with the requirement in question, and (e) notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)). (5) The following sections of the Pensions Act 2008 apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act— (a) section 42 (penalty notices: recovery); (b) section 43 (review of penalty notices); (c) section 44 (references to First-tier Tribunal or Upper Tribunal). (6) Regulations under subsection (3)(a) are subject to the negative procedure.
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