The Pensions Authority is a statutory body set up under the Pensions Act, 1990, as amended (the Act).
- supervises compliance with the requirements of the Act, by trustees of occupational pension schemes and trust RACs, Personal Retirement Savings Accounts (PRSA) providers, Registered Administrators (RAs) and employers
- investigates suspected breaches of the Act
- conducts on-site inspections and compliance audits
- instigates prosecutions and other sanctions where breaches of the Act are found to have occurred
- provides policy advice and technical support to the work of the Minister and Department of Social Protection
- provides relevant information and guidance to the public and those involved with pensions
- deals with enquiries received from scheme members, trustees, employers, the pensions industry, the general public and the media.
The Authority is organised as follows:
The Pensions Regulator is the chief executive officer of the Pensions Authority.
Supervision and Enforcement – are responsible for:
- investigating suspected breaches of the Act and instigating sanctions where appropriate
- supervision and enforcement activities including on-site inspections and compliance audits designed to ensure compliance with the requirements of the Act
- oversight and processing of defined benefit scheme funding and related recovery plans
- registering and approving PRSA products
- approving and renewing Registered Administrators
- granting approval for cross-border schemes.
Technical – are responsible for:
- providing technical support and advice to the Authority
- dealing with all initial information enquiries from scheme members, trustees, employers, the pensions industry and the general public
- the content of all published guidance, whether advisory or mandatory
- contributing to and participating in EU and international pension policy issues.
Policy – are responsible for:
- designing and implementing the changes needed to give effect to the IORP II Directive and the Authority’s proposed pension reforms
- drafting governance and management standards for pension schemes
- the development of Authority processes for the ongoing oversight of regulated entities
- formulating policy advice on the development and regulation of pensions and related issues through research, consultation and preparation of working papers.
Legal – are responsible for:
- providing legal advice and support services to the Authority
- prosecuting summary offences and taking other legal sanctions under the Act
- providing secretariat services to the board of the Authority.
Data – are responsible for:
- analysis of data submitted to the Authority from regulated entities
- collating available data and information
- dealing with data queries from regulated entities.
IT – are responsible for:
- the hardware and software infrastructure that the Authority needs to carry out its work
- the development and maintenance of the Authority’s software which is used for the supervision of pensions schemes.
Programme Management Office (PMO) – are responsible for:
- overseeing a strategic roadmap of projects for the implementation of IORP II and aspects of the Government’s pension simplification and reform agenda
- developing project and change management capability as a core organisational competence
- ensuring a standard and consistent methodology is used to plan and execute projects.
Operations – are responsible for:
- communications and delivering the Authority’s information to scheme members, trustees, employers, the pensions industry, the general public and the media
- budgeting, financial management and controls
- human resources, risk management, procurement and facilities management
- overseeing corporate governance and associated policies and processes.