The Pensions Regulator (Information Gathering Powers and Modification) Regulations 2021

• Citation: S.I. 2021/754
• Sections: 6

Section 1 Citation and commencement

These Regulations may be cited as the Pensions Regulator (Information Gathering Powers and Modification) Regulations 2021 and come into force on 1st October 2021.

Section 2 Interpretation

In these Regulations, “the Act” means the Pensions Act 2004.

Section 3 Interview notice

(1) A notice issued by the Regulator under section 72A(1) of the Act (interviews) (“interview notice”) must contain the following information—

(a) the details of the person required to attend the interview with the Regulator (“the interviewee”);

(b) the power under which the interview is being conducted;

(c) the functions of the Regulator engaged;

(d) an explanation as to why the interview is being conducted;

(e) details of how the interview process will be conducted;

(f) the interviewee’s right to be represented at the interview;

(g) an explanation that any statements made by the interviewee during the interview will be subject to section 310 of the Act (admissibility of statements) ;

(h) the legal effect of the interview notice and the possible sanctions for non-compliance;

(i) the process for rearranging the time or place of the interview.

(2) Where an interview is being conducted virtually via an online communication platform, the interview notice must also contain details for accessing the online communication platform.

Section 4 Modification of section 73(6)(d) to (f) of the Act: multi-employer schemes

(1) In this regulation, “segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

(a) any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section; and

(b) a specified portion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

(2) In relation to a multi-employer scheme which is a segregated scheme, references to the employer in section 73(6)(d) to (f) of the Act are to be read as references to any employer in relation to the relevant section of the scheme.

(3) In relation to a multi-employer scheme which is not a segregated scheme, references to the employer in section 73(6)(d) to (f) of the Act are to be read as references to any employer in relation to the scheme.

Section 5 Fixed penalties

For the purposes of section 77A(3)(a) of the Act (fixed penalty notices), the amount of the penalty is £400.

Section 6 Escalating penalties

(1) For the purposes of section 77B(5)(a) of the Act (escalating penalty notices), the daily rate of the penalty is—

(a) in the case of a penalty notice issued to an individual, £200;

(b) in the case of a penalty notice issued to a person other than an individual, the amount shown in the second column of the table in paragraph (2) in relation to the day in the first column of that table.

(2) The table is—

where Day 1 is the day specified in the escalating penalty notice, in accordance with section 77B(6)(d) of the Act, as being the date from which the penalty is payable, and subsequent days are numbered accordingly.