100Payment of shortfall penalties

100 Payment of shortfall penalties

100 Payment of shortfall penalties

(1) A shortfall penalty payable by a scheme participant is, for a compliance period, payable—

(a) within 12 months of the end of the compliance period, or

(b) on a later day determined by the Scheme Regulator for the scheme participant.

(2) A shortfall penalty is payable to the Scheme Regulator, for payment into the Consolidated Fund as public money.

(3) A shortfall penalty payable by a scheme participant may be recovered in a court of competent jurisdiction as a debt due to the Crown.