Our approach to calculating the amount of penalty for failing to comply with a requirement under the Occupational Pension Schemes (Climate Change Governance and Reporting Regulations 2021) is set out in Appendix 3.

Our approach to calculating the amount of the penalty for failing to submit the scheme return to us on time is set out in Appendix 2. However, penalties imposed on trustees under the the Occupational Pension Schemes (Charges and Governance Regulations 2015) and under the Occupational Pension Schemes (Climate Change Governance and Reporting Regulations 2021) must be imposed on a joint and several liability basis.

In such cases, we would take into account the relevant facts and circumstances relating to each person. Most of our penalty powers enable us to impose a penalty on each person who has failed to comply with a legal requirement, for example on each trustee rather than on the trustee board as a whole. We will apply our risk-based approach and take into account the relevant facts of each case and the underlying objective in imposing a penalty. When considering whether to impose a monetary penalty and the amount of any such penalty, we will follow the approach set out in this policy. Where there is a breach of pensions legislation, we have a range of enforcement options, often including the power to impose monetary penalties. Penalties punish wrongdoing, deter repetition and act as a warning to others. We impose monetary penalties to promote compliance with pensions legislation. fixed and escalating penalties imposed by us under Sections 17 and 18 of the Pension Schemes Act 2017 for failure to comply with a request for information 5.fixed and escalating penalties imposed by us under sections 77A and 77B of the Pensions Act 2004 for failure to comply with our information gathering powers 4.penalties imposed by us under sections 40(1) and 41(1) of the Pensions Act 2008 for non-compliance with a statutory notice 3.penalties imposed by us for non-compliance with the employer duties and safeguards under the Pensions Act 2008 2.high fines imposed by us under s88A of the Pensions Act 2004, for avoidance or breach of information requirements 1.This policy does not cover the following:

We refer throughout to legislation applicable in England and Wales, which should be read as including references to the equivalents for Scotland and Northern Ireland. This policy is applicable to all three jurisdictions. Our regulatory remit extends across the three legal jurisdictions of England and Wales, Scotland and Northern Ireland. In this document, unless the context suggests otherwise, the term ‘trustees’ should also be taken to mean managers in the case of schemes which are not trust-based and any person who exercises trustee functions (for example directors of a corporate trustee). This policy is relevant to any trustee, manager, employer, adviser or other person who we may issue with a monetary penalty for contravening pensions legislation, including those involved with public service pension schemes.

Cat forklift service near me