Administrative Penalties

(1) The Supervisor may, after giving 14 days written notice, impose an administrative penalty of five thousand dollars where the Supervisor is of the opinion– (a) that the pension plan or pension fund is not being administered in accordance with this Act, and the regulations or the pension plan; (b) that the pension plan does not comply with this Act and the regulations; (c) that the administrator of the pension plan, the employer or any other person dealing with a pension plan has failed to co-operate with an investigation under section 62 or failed to provide information under section 63; (d) that the administrator of the pension plan, the employer or any other person dealing with a pension plan is contravening a requirement of this Act or the regulations; or (e) the administrator of the pension plan, the employer or any other person dealing with a pension plan has failed to comply with an order for correction. but an appeal shall lie to the court within thirty days of the imposition of such penalty. (2) Where after the imposition of a penalty in accordance with sub-section (1) the violation continues for three months, a company commits an offence and shall be liable on summary conviction to a fine of ten thousand dollars and to a penalty of one thousand dollars for each day on which the offence is continued after conviction. (3) A person who pays an administrative penalty for an incident of non-compliance cannot be charged with an offence 59 in respect of that non-compliance, unless the non-compliance continues after the penalty is paid.