5 December 2011: Today, in the Dublin District Court, Judge John Paul McDonald imposed a fine of €7,000 on Michael Wallace, a director of M & J Wallace Ltd (In Receivership) in relation to the deduction and non-remittance of employee pension contributions within the statutory period. Legal costs of €450 were also awarded to The Pensions Board.
Thursday 24 November 2011: In Longford District Court on Tuesday 22 November, Judge Hughes imposed a fined of €500 on Fire and Sound Systems Ltd., a limited liability company, for non-remittance of employee pension contributions within the statutory period. The offences were committed by Fire and Sound Systems Ltd, a company with a registered address at Park Road, Longford, Co. Longford.
Friday 11 November 2011: In Waterford District Court on Friday 4 November 2011, Judge Early imposed fines totaling €1,000 on Cross Electrical Ltd., a company with a registered address at Greenan, Carroll’s Cross, Co. Waterford, for failing to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS) within the statutory time limit and for failing to comply with a statutory request made by The Pensions Board. Dermot O’Neill, John Kirwan and Patricia Kirwan were also each convicted and fined €200 for failing to comply with a statutory request made by The Pensions Board.
Following the announcement on 28 October by Joan Burton TD, Minister for Social Protection, on changes to the funding standard for defined benefit schemes, recovery plans submitted to The Pensions Board by 12 noon Friday 16th December 2011 will continue to be considered by the Board under the current funding standard and guidance.
28 October 2011: The Government has approved a number of changes to defined benefit (DB) pension provision to help ensure its sustainability, enhance the security of member benefits and increase equity between members of DB schemes.
Wednesday 26 October 2011: The Pensions Board today published its certification conditions for sovereign annuities. Legislation facilitating the introduction of sovereign annuities was passed earlier this year, and the Board’s conditions set out what requirements insurance companies must meet if they wish to offer these products to scheme trustees.
25 October 2011: In Letterkenny District Court, yesterday, 24 October 2011, Judge Kelly imposed fines totalling €1,500 on John J Dolan with an address at Liskey, Ballinadrait, Lifford, Co. Donegal for failing to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS) within the statutory time limit and for failing to comply with a statutory request made by The Pensions Board. John J Dolan Scaffolding Limited (in Liquidation) was also convicted and fined a sum of €3,000 in respect of the same offences.
12 October 2011: In Skibbereen District Court, yesterday, 11 October 2011, Judge McNulty imposed a fine of €500 on John Burchill and imposed a fine of €500 on Kerry Burchill, both with an address of Rineen, Skibbereen, Co. Cork for failing to comply with a statutory request made by The Pensions Board. John Burchill Contracting Limited was also convicted and fined a sum of €1,000 in respect of the same offence before the court.
Thursday, 15 September 2011: The Pensions Board is reminding trustees and employers that the 1st February 2012 triggers the two year legal requirement for trustee training.
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