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Notifiable events: Failure to notify
In the event of failure to notify, the Pensions Regulator will seek an explanation. Following this, it will have a range of actions it can take including requiring training or other assistance. Where appropriate, however, civil penalties can be imposed.
The failure to notify of itself will not lead to any transaction being unwound by the Regulator. However a court or tribunal may consider failure to notify if it considers it relevant and the Regulator may have regard to the failure when deciding whether it is reasonable to issue a contribution notice (for further details see, Anti-avoidance: The Regulator’s powers).
If third parties such as actuaries are aware that there has been a failure to notify, they are obliged to report this to the Pensions Regulator.
Author: Nicola Bruce