Occupational and Personal Pension Schemes (Penalties) Regulations 2000

JurisdictionUK Non-devolved
CitationSI 2000/833

2000No. 833

PENSIONS

The Occupational and Personal Pension Schemes (Penalties) Regulations 2000

20thMarch2000

3rdApril2000

Whereas a draft of these Regulations was laid before Parliament in accordance with the provisions of section 186(3) of the Pension Schemes Act 1993( 1) and section 175(2) of the Pensions Act 1995( 2) and approved by resolution of each House of Parliament:

Now, therefore, the Secretary of State for Social Security, in exercise of the powers conferred on him by sections 6(5), 168(1), (2) and (4), 181(1), 182(3), 183(1) and 185(1) of the Pension Schemes Act 1993( 3) and by sections 3(2), 10(3), 41(1), 116(1), 124(1) and 174(3) of the Pensions Act 1995( 4), and of all other powers enabling him in that behalf, having consulted with such persons as he considered appropriate( 5), hereby makes the following Regulations: -

Citation, commencement and interpretation

1. - (1) These Regulations may be cited as the Occupational and Personal Pension Schemes (Penalties) Regulations 2000 and shall come into force on 3rd April 2000.

(2) In these Regulations -

"Audited Accounts Regulations" means the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996( 6); and

"Register Regulations" means the Register of Occupational and Personal Pension Schemes Regulations 1997( 7).

Amendment to regulation 2(3) of the Audited Accounts Regulations

2. For paragraph (3) of regulation 2 of the Audited Accounts Regulations there shall be substituted the following paragraphs -

" (3) Where the trustees or managers of a scheme have failed without reasonable excuse to take all such steps as are necessary to secure compliance with either the requirement to obtain accounts audited by the auditor of the scheme or the requirement to obtain an auditor's statement about contributions to the scheme in accordance with paragraph (1)(a) or (b), they shall be liable to pay to the Occupational Pensions Regulatory Authority, within 28 days from the date of its imposition, a penalty not exceeding -

(a) £5,000 in the case of an individual; and(b) £50,000 in any other case.

(4) Section 3 of the Pensions Act 1995 shall apply to a trustee of a scheme in respect of any failure by that trustee to comply with the requirements of paragraph (1)(a) or (b).".

Amendments to regulation 7 of the Register Regulations

3. - (1) In regulation 7(1) of the Register Regulations, for the words "fails to...

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