Pensions Board issues checklist
IRELAND - The Pensions Board, the Irish pensions regulator, has published checklists for employers and trustees detailing their obligations to make pensions information available to employees and to inform the Pensions Board that such an arrangement has been made.
It includes questions on scheme registration, disclosure of compulsory information and scheme valuation.
The move comes ahead of the Pensions Board's assumption from next Monday of the power to issue €2,000 on-the-spot fines for employers and trustees for contravening the Pensions Act.
Since 2003 all Irish employers are required by law to enter into a contract with a provider of personal retirement savings accounts (PRSAs) to allow their employees access to at least one standard PRSA.
"Given the protracted nature of bringing cases to court we welcome an alternative means of ensuring that scheme trustees and employers' comply with their statutory obligations," Pensions Board CEO Brendan Kennedy said.
"The new on-the-spot fines will enhance the board's capacity to enforce pension rules and regulations," he added.
Once a fine has been issued the employers or trustees have 21 days to remedy the offence and pay the fine otherwise a prosecution will be instituted.
Earlier this week the Pensions Board said it had prosecuted businessman Kevin Mulvey because he failed to comply with the Pensions Board's request to provide the names of all occupational pensions schemes established for the benefit of his employees.
Mulvey was fined €500 by the court.