494. Civil penalties.

Where the Pensions Regulator1 is satisfied that by reason of any act or omission the following provisions apply to any person, it may by notice in writing require him to pay, within a prescribed period2, a penalty in respect of that act or omission not exceeding the maximum amount3. 'The maximum amount' means:

  1.  

    (1)     £5,000 in the case of an individual and £50,000 in any other case4; or

  2.  

    (2)     such lower amount as may be prescribed in the case of an individual or in any other case5,

and the Secretary of State6 may by order amend head (1) by substituting