Part 3: The Pensions Regulator Financial penalties Section 115: Financial penalties 88A Financial penalties
Subsection (1) of newly inserted section 88A enables the Regulator to issue a notice requiring a person to pay a specified penalty amount, within a specified time-frame, in relation to an act that person has done.
	Subsection (2) states that the penalty is to be an amount determined by the Regulator, not exceeding a maximum of £1 million.
	Subsection (3) provides a regulation making power to enable the Secretary of State to increase the maximum amount that a civil penalty can be issued under section 88A to an amount above £1 million.
	Subsection (4) states that the minimum time-frame for compliance with the penalty notice is at least 28 days after the date on which the notice was issued.
	Subsection (5) of section 88A provides that the notice must specify the legislative provision by virtue of which the penalty is imposed.
	Subsection (6) details that this section applies in relation to a person where the Regulator determines that a penalty under this section may be imposed on a body corporate, and the act in question was done with the consent or willingness of a director, manager, secretary or other similar office of the body or a person purporting to act in any such capacity.
	Subsection (7) provides that where the affairs of a body corporate are managed by its members, the new financial penalty introduced by this section will apply in relation to the acts of a member in connection with the member’s functions of management, similar to a director of a body corporate.
	Subsection (8) stipulates that section 88A applies in relation to a person where the Regulator determines that a penalty under this section may, apart from this subsection, be imposed on a Scottish partnership, and the act in question was done with the consent or willingness of a partner.
	Subsection (9) provides that if the Regulator requires a person to pay a penalty under section 88A by virtue of subsection (6) or (8), the Regulator may not also require the body corporate or the Scottish partnership to pay a penalty in respect of the same act.
	Subsection (10) details that the Regulator may not issue a notice for the new financial penalty in relation to an act if the person has been convicted of an offence in respect of the same act, or if criminal proceedings for the offence have been instituted and have yet to be concluded against the person in respect of the same act.
	Subsection (11) states that the Regulator may not issue a notice under this section in respect of an act if the Regulator has required the person to pay a penalty under section 10 of the Pensions Act 1995 (civil penalties) in respect of the same act.
	Subsection (12) of inserted section 88A provides that in this section, any references to "act" includes any omissions to act.