Pension Schemes Act 2026
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Change 1
93 Escalating penalty notices
(1) The Regulator may issue an escalating penalty notice to a person if— (a) it considers that the person has failed to comply with a requirement imposed by virtue of section 87, 88 or 90, (b) it has already issued the person with a fixed penalty notice under section 92 in respect of that failure, and (c) the period for paying the penalty specified in that notice has passed without the requirement to which that notice related being complied with. (2) An “escalating penalty notice” is a notice requiring a person to pay a penalty calculated by reference to a daily rate if the person fails before a specified date to comply with the requirement to which the notice relates. (3) The daily rate— (a) is to be determined in accordance with regulations made by the Secretary of State, and (b) must not exceed £20,000. (4) The Regulator may not issue an escalating penalty notice to a person if— (a) the person has exercised the right of referral to a tribunal under section 44 of the Pensions Act 2008 (as applied by section 92(5)) in respect of a fixed penalty notice issued under section 92, (b) the escalating penalty notice relates to the same failure as the fixed penalty notice, and (c) the reference in respect of the fixed penalty notice has not been determined. (5) An escalating penalty notice must— (a) specify the failure to which the penalty relates, (b) state that, if the person fails to comply with the requirement to which the notice relates before a specified date, the person will be liable to pay an escalating penalty, (c) state the daily rate of the escalating penalty and the way in which the penalty is calculated, (d) state the date from which the escalating penalty will be payable, (e) state that the escalating penalty will continue to be payable at the daily rate until the date on which the person complies with the requirement to which the notice relates or an earlier date specified in the notice, and (f) 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 (6)). (6) The following sections of the Pensions Act 2008 apply to an escalating penalty notice under this section as they apply to an escalating penalty notice under section 41 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). (7) Regulations under subsection (3)(a) are subject to the negative procedure.
93 Escalating penalty notices
(1) The Regulator may issue an escalating penalty notice to a person if— (a) it considers that the person has failed to comply with a requirement imposed by virtue of section 87, 88 or 90, (b) it has already issued the person with a fixed penalty notice under section 92 in respect of that failure, and (c) the period for paying the penalty specified in that notice has passed without the requirement to which that notice related being complied with. (2) An “escalating penalty notice” is a notice requiring a person to pay a penalty calculated by reference to a daily rate if the person fails before a specified date to comply with the requirement to which the notice relates. (3) The daily rate— (a) is to be determined in accordance with regulations made by the Secretary of State, and (b) must not exceed £20,000. (4) The Regulator may not issue an escalating penalty notice to a person if— (a) the person has exercised the right of referral to a tribunal under section 44 of the Pensions Act 2008 (as applied by section 92(5)) in respect of a fixed penalty notice issued under section 92, (b) the escalating penalty notice relates to the same failure as the fixed penalty notice, and (c) the reference in respect of the fixed penalty notice has not been determined. (5) An escalating penalty notice must— (a) specify the failure to which the penalty relates, (b) state that, if the person fails to comply with the requirement to which the notice relates before a specified date, the person will be liable to pay an escalating penalty, (c) state the daily rate of the escalating penalty and the way in which the penalty is calculated, (d) state the date from which the escalating penalty will be payable, (e) state that the escalating penalty will continue to be payable at the daily rate until the date on which the person complies with the requirement to which the notice relates or an earlier date specified in the notice, and (f) 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 (6)). (6) The following sections of the Pensions Act 2008 apply to an escalating penalty notice under this section as they apply to an escalating penalty notice under section 41 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). (7) Regulations under subsection (3)(a) are subject to the negative procedure.
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