Commentary on Sections Ongoing supervision of Master Trust schemes Section 17: Fixed penalty notice for failure to comply with request for information
Section 17 gives the Pensions Regulator a power to impose a fixed penalty on any person who has failed to provide information requested in a notice issued under Article 67 of the Pensions (Northern Ireland) Order 2005 for the purposes of the Pensions Regulator’s functions under Part 1 of the Act.
Subsection (3) provides that the penalty, which must not be more than £50,000, is to be determined in accordance with regulations.
Subsection (4) sets out requirements for what a fixed penalty notice must contain. These include the amount of the penalty, the date by which the penalty must be paid, the period and failure to which the penalty relates, and details of how to appeal the penalty.
The provision mirrors the provision in section 40 of the Pensions (No. 2) Act (Northern Ireland) 2008 where there is a failure to provide information in relation to automatic enrolment. Subsection (5) applies provisions from the Pensions (No. 2) Act (Northern Ireland) 2008 relating to the recovery and review of penalty notices and their referral to a tribunal.
Subsection (6) provides that any regulations made under this section are subject to negative resolution.