272. Failure to make payments.

The following provisions1 apply where an amount payable in accordance with the schedule of contributions2 by or on behalf of the employer3 or an active member4 of a scheme is not paid on or before the due date5. If the trustees or managers6 have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Pensions Regulator7 of any of its functions, they must, except in prescribed circumstances, give notice of the failure to the Regulator and to the members within a reasonable period