Compliance Statement Not later than 31 January of each year, the trustees of a scheme or trust RAC shall prepare a statement in relation to compliance ( called compliance statement’) for the immediately preceding year for the purposes of prudential supervision. The compliance statement shall specify information relating to compliance with the the statutory requirements […]
Objective of prudential supervision The main objective of prudential supervision is to protect the rights of members and beneficiaries and to ensure the stability and soundness of schemes and trust RACs. A scheme or trust RAC shall be subject to prudential supervision by the Pensions Authority including the supervision by the Pensions Authority of the […]
The Pensions Authority The Pensions Board became the Pensions Authority in 2013. The Pensions Authority consists of a chairman appointed by the Minister and two ordinary members consisting of a nominee of the Minister for Finance and Minister for Social Protection. The Minister (for Social Protection) fills casual vacancies. The Pensions Authority’s chief executive is […]
Powers of Enforcement The Authority may investigate the conduct and activities of a registered administrator and require a registered administrator, its officers and employees to furnish the Authority with such information, explanations, books of account and other documents as are required. The Authority may audit the administration services. The Authority may require a registered administrator […]
Pension Scheme Internal Dispute Resolution The scheme trustees must establish a dispute resolution procedures. The resolution mechanism can be determined by the scheme itself, subject to complying with the minimum statutory requirement. No more information than is objectively justified may be required of the complainant. The Pensions Act empowers the Minister to make regulations requiring […]