Part 3: The Pensions Regulator Provision of false or misleading information Section 114: Provision of false or misleading information to trustees or managers 80B Financial penalty for providing false or misleading information to trustees or managers
Subsection (1) of new section 80B states that this section applies to occupational pension schemes apart from those specified in subsections (1)(a) and (1)(b). Subsection (1)(a) states that the section does not apply to money purchase schemes. Subsection (1)(b) provides a regulation making power to enable the Secretary of State to specify other schemes that the section does not apply to.
	Subsection (2) provides that a person may be issued with a financial penalty under section 88A of the Pensions Act 2004 if the Regulator is satisfied that a person has knowingly or recklessly provided a trustee or manager of a non-money purchase scheme with information that is false or misleading in a material particular, and the information was provided in specified circumstances.
	Subsection (3) details the circumstances in which the Regulator can exercise the power to issue the new financial penalty. Subsection (3)(a) of inserted section 80B details the sections of the relevant legislation which the information should be provided in purported compliance with.
	Subsection (3)(b) of new section 80B provides that an additional condition is that the information is provided otherwise than as mentioned in subsection (3)(a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the trustees or managers who receive it in that person’s capacity as a trustee or manager of the scheme.