Pension Authority Regulation

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 applicable to the activities of the trustees.

The form of the compliance statement shall be specified by the Pensions Authority following consultation with the Minister.

The trustees shall submit the compliance statement to the Pensions Authority not later than 1 month after that statement is prepared. The  trustees shall certify that the information provided in the compliance statement has been reviewed for accuracy and completeness and shall be certified by –

• at least 2 trustees of the scheme or trust RAC, or
• where a body corporate is appointed as the sole trustee of that scheme or trust RAC, at least 2 directors of that body corporate.

Where the Part compliance statement has been submitted to the Pensions Authority, the Pensions Authority may, by notice in writing, request the trustees of a scheme or trust RAC to furnish the Authority, within a period as is specified in the notice, with information and documentation in respect of any matter specified in the compliance statement.

Where the Pensions Authority has requested further information and documentation the trustees of the scheme or trust RAC concerned shall provide that information and documentation within the period specified in the notice).

Transitional provisions

Where a scheme or trust RAC is registered on or before the date of the coming into operation of the 2021 Regulations , the first compliance statement shall be prepared not later than 31 January 2022 in respect of 2021.

Where  a scheme or trust RAC is registered after the 2021 regulations commence the first compliance statement shall be prepared not later than 31 January immediately following the day on which the scheme or trust RAC is registered in respect of the period from the day on which the scheme or trust RAC is registered to 31 December immediately following that day.

Information to be provided to Pensions Authority

Without prejudice to any other provision of the Pensions Act, the Pensions Authority may require –

• the trustees of a scheme or trust RAC, or
• a person who carries out a key function referred to in Part VIB,

to provide the Pensions Authority, at any time, with information concerning all business matters or to forward all business documents to it for the purposes of prudential supervision and the request shall be made by notice in writing and shall specify the date by which the information is to be provided.

The trustees or a person referred to shall comply with a request under subsection (1) and not later than the date specified in the notice.

Without prejudice to any other provision of the Pensions Act, the Pensions Authority shall supervise relationships between a scheme or trust RAC and –

• a person, or
• another scheme or trust RAC,

when the first-mentioned scheme or trust RAC outsources a key function, or any other activities, to that person or the second-mentioned scheme or trust RAC, and all subsequent re-outsourcing, influencing the financial situation of the scheme or trust RAC or being in a material way relevant for effective supervision.

The Pensions Authority may require the trustees of a scheme or trust RAC to provide information to it in relation to the supervision of relationships.

Documents Required

The  Pensions Authority may request the trustees of a scheme or trust RAC to furnish it with all or any of the following:

• the own-risk assessment;
• the statement of investment policy principles;
• the annual accounts and annual reports;
• any other documents which the Pensions Authority considers are necessary for the purposes of prudential supervision of the scheme or trust RAC concerned under this Part.

The Pensions Authority may specify a document that is necessary for the purposes of the performance by it of its functions, under this Part, in relation to prudential supervision and, shall, in any such specification include the following documents –

• internal interim reports,
• actuarial valuations and detailed assumptions,
• asset-liability studies,
• evidence of consistency with the investment-policy principles,
• evidence that contributions have been paid in as planned,
• reports by the persons responsible for auditing the annual accounts

and the Pensions Authority shall publish a list of any document it has specified under this subsection.

Inspection

The Pensions Authority may carry out an on-site inspection for the purposes of the prudential supervision of the scheme or trust RAC under the IORPs Regulations –

• at or on any premises in or at which the trustees of a scheme or trust RAC carries on its business, and
• where appropriate, at or on any premises where outsourced and all subsequent re-outsourced activities are carried out,

to check if activities are carried out in accordance with the supervisory rules.

The Pensions Authority may direct an authorised person to carry out an on-site inspection and the statutory powers shall apply to the authorised person who carries out the on-site inspection.

The Pensions Authority may, at any time, request the trustees of a scheme or trust RAC to provide it with information concerning outsourced activities and any subsequent re-outsourced activities for the purposes of prudential supervision of the scheme or trust RAC.

Transparency and accountability

The Pensions Authority shall perform its  functions in a transparent, independent and accountable manner with due respect for the protection of confidential information. It shall publish –

• information regarding the supervisory review process under this Part,
• aggregate statistical data on key aspects of the application of the prudential framework on its website,
• the main objective of prudential supervision and information on its main functions and activities, and
• information in relation to the enforcement of this Part, Part VIB and a measure arising from the Directive of 2016.

Professional secrecy and exchange, and transmission, of information

An Pensions Authority officer  (including a person who is or was at any time, an auditor or expert acting on behalf of the Pensions Authority) is bound by the obligation of professional secrecy, and shall not divulge confidential information received by him or her in the course of his or her duties to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with specified provisions.

Where a scheme or trust RAC is being wound up, the above does not operate to prevent the disclosure of information referred nor in any civil or criminal proceedings.

Where the Pensions Authority receives confidential information, it shall use that information for the following purposes:

• to check that the conditions for taking up occupational retirement provision business are met by a scheme or trust RAC before it commences its activities;
• to facilitate the monitoring of the activities of a scheme or trust RAC including the monitoring of the technical provisions, the solvency, the system of governance, and the information provided to members and beneficiaries;
• to impose corrective measures;

• ere there is a requirement, under any enactment, to publish key performance indicators of all individual schemes or trust RACs, which may assist a member and beneficiary in taking a financial decision regarding his or her pension;
• in an appeal, taken in respect of a decision of the Pensions Authority under the IORPs Regulations or Part VIB or certain other provisions of the Pension Act
• in proceedings in respect of a provision of the Pensions Act taken where such provision concerns a measure provided for in the Directive or the Directive of 2016.

This does not operate to prevent the Pensions Authority from  exchanging information between it, in the discharge of its supervisory functions, and another competent authority in the State in the discharge of their supervisory functions and any of the following in the State in respect of such discharge –

• authorities responsible for the supervision of financial sector entities and other financial organisations and the authorities responsible for the supervision of financial markets and without prejudice to the generality of the foregoing includes the Central Bank of Ireland,
• authorities or bodies charged with responsibility for maintaining the stability of the financial system through the use of macro-prudential rules, and
• reoranisation bodies or authorities aiming at protecting the stability of the financial system,
• exchanging information with a person who is involved in the winding up of a scheme or trust RAC or other similar procedures,
• exchanging information with a person who is responsible for carrying out a statutory audit of the accounts of a scheme or trust RAC, an insurance undertaking or other financial institution, and
• disclosing information to a person who administers the winding up of a pension scheme where the information is necessary for the performance of such administration.