Part 3: The Pensions Regulator Financial penalties Section 115: Financial penalties 88B Financial penalties: time for recovery
Subsection (1) of new section 88B provides that subsection (3) applies where:
the Regulator is satisfied that section 88A applies to a person by virtue of section 58C or 58D (financial penalty for avoidance of employer debt etc);
the Regulator issues a notice under section 88A requiring a person to pay a penalty in respect of the act or failure to act in question; and
when the notice is issued, the person is subject to one or more contribution notices issued under section 38 (contribution notices where avoidance of employer debt).
	Subsection (2) of section 88B states that subsection (3) does not apply if, when a notice under section 88A is issued, a qualifying insolvency event has occurred in relation to the person who is the employer in relation to the scheme and the penalty notice issued under section 88A relates to that employer.
	Subsection (3) details that the Regulator may not take any step to recover the penalty specified in a notice under section 88A, and may not treat an amount received as payment or part payment of the penalty, until after the relevant date, or if sooner, the date on which the qualifying insolvency event occurs in relation to the person who is the employer in relation to the scheme and the penalty notice issued under section 88A relates to that employer.
	Subsection (4) provides the meaning of "qualifying insolvency event" and "the relevant date".