New Clause 26

Pensions Bill – in a Public Bill Committee at 6:30 pm on 19th February 2008.

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Penalty notices

‘(1) The Regulator may issue a penalty notice to an employer if the Regulator is of the opinion that the employer—

(a) has contravened section [Prohibited recruitment conduct], or

(b) has failed to comply with a compliance notice under section [Compliance notices].

(2) A penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.

(3) The penalty—

(a) is to be determined in accordance with regulations, and

(b) must not exceed £50,000.

(4) A penalty notice must—

(a) state the amount of the penalty;

(b) state the date, which must be at least 4 weeks after the date on which the notice is issued, by which the penalty must be paid;

(c) specify the contravention or failure to which the notice relates;

(d) notify the employer of the review process under section 35 and the right to make a reference under section 36 (as applied by section [Review of notices and references to Pensions Regulator Tribunal]).

(5) Section 34 (penalty notices: recovery) applies to a penalty payable under this section, and to a notice under this section, as it applies to a penalty payable under section 32, and to a notice under that section.’.—[Mr. O'Brien.]

Brought up, read the First and Second time, and added to the Bill.