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28 June 2012 Construction company convicted and fined in prosecution taken by The Pensions Board 28 June 2012: In Tuam District Court on Tuesday 26 June 2012, Judge Geoffrey Browne convicted and imposed a fine of €1,000 on Thomas McHugh (Kilcloghans) Limited with a registered address of Kilcloghans, Tuam, Co. Galway for failing to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS) within the statutory time limit.
8 June 2012 Construction company director convicted and fined for non compliance with statutory request in a prosecution taken by The Pensions Board 8 June 2012: Yesterday in Carrick-on-Suir District Court on Thursday 7 June 2012, Judge Finn convicted and imposed a fine of €1,000 on Owen Walsh, director of Cornerstone Homes Company Limited with a registered address of Kildalton, Piltown, Co. Kilkenny for failing to comply with a statutory request made by The Pensions Board pursuant to Section 18 of the Pensions Act 1990, to furnish certain information and documentation detailing deductions made from employees’ wages for pension scheme contributions to The Pensions Board within a specified timeframe.
1 June 2012 Construction company convicted and fined for non compliance with statutory request in a prosecution taken by The Pensions Board 1 June 2012: In Cork District Court on Tuesday 29 May 2012, Judge Aneous McCarthy convicted and imposed a fine of €1,500 on Equality Management Limited with a registered address at Cuil Greine House, Link Road, Ballincollig, Co. Cork for failing to comply with a statutory request made by The Pensions Board pursuant to Section 18 of the Pensions Act 1990, to furnish certain information and documentation detailing deductions made from employees wages for pension scheme contributions to The Pensions Board within a specified timeframe.
26 March 2012 Construction company directors convicted and fined in prosecutions taken by The Pensions Board Monday, 26 March 2012: In Gort District Court on Thursday 22 March 2012, Judge Durcan convicted and imposed fines totalling €5,000 on Michael Walsh, a director of Micom Construction Limited with a registered address of c/o GBS & Co, Dooruspark, Kinvara, Co. Galway for failing to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS) within the statutory time limit. The company had also failed to reply to a statutory request issued by The Pensions Board.
15 March 2012 240 hours community service sentence imposed on construction company director in a prosecution taken by The Pensions Board 15 March 2012: In Navan District Court, yesterday 14 March 2012, Judge McMahon imposed a sentence of 240 hours community service on Sharon Finnegan, a director of Sharon Finnegan Design & Construction Ltd. (In Voluntary Liquidation). Sharon Finnegan pleaded guilty to eighteen offences relating to failure to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS) within the statutory time limit. These offences were committed with the consent or connivance or were attributable to the neglect of Sharon Finnegan, as director of the company, Sharon Finnegan Design & Construction Ltd. (In Voluntary Liquidation).
20 January 2012 Sovereign Annuity Regulations now in force Friday 20 January 2012: The Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.
The Pensions Act (Register and Database of Certified Policies or Contracts of Assurance) Regulations, 2012 were also signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.
10 November 2011 Submission of defined benefit scheme recovery plans 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.
26 October 2011 The Pensions Board sets out certification conditions for Sovereign Annuities 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.
15 September 2011 Trustee Training Reminder 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.
5 July 2011 Social Welfare and Pensions Act, 2011 – Information Note Tuesday 5 July 2011:The Social Welfare and Pensions Act, 2011 was signed into law on 29 June 2011. It makes certain amendments to the Pensions Act, 1990, as amended (“the Act”). It also makes certain changes in relation to the State pension.
24 January 2011 The Pensions Board to open its online data management system Monday 24 January 2011: The Board will open its online portal system on Tuesday 1 February 2011 to allow fee managers to register for the service and to pay the annual fees due using the system within the timeframes available.
8 December 2010 Introduction of Sovereign Annuities / Bonds Wednesday 08 December 2010: In his budget speech on Tuesday 7 December 2010, the Minister for Finance announced that new bonds which will facilitate a sovereign annuity pensions product will be available for pension schemes from January 2011. The Minister for Social Protection provided further information during the Social Welfare budget announcements on Wednesday 8 December 2010.
27 October 2010 News update – The Pensions Board extends its online data management capacity Wednesday 27 October 2010: The Board is continuing to develop its online services to customers with the implementation of a new data management system. Having pension scheme data submitted electronically will facilitate greater efficiencies for pension scheme administrators and enhance the effectiveness of the Board’s overall regulatory operations.
14 October 2010 News update – Deferral of deadline for DB funding proposals Thursday 14 October 2010: The Government has announced that work on the defined benefit aspects of the National Pensions Framework is to be brought forward and new legislation will be introduced no later than 1 July 2010.
12 January 2010 Self Investment Limits – Reminder In Bulletin No. 2 - November 2008, the Pensions Board brought the self investment limits under the IORPs directive to the attention of pension schemes. Article 18 of the IORPs Directive limits the investment by a pension scheme to 5% of total assets in the employer and an additional 5% in other group companies related to the employer. The deadline for the implementation of this measure is 23 September 2010 and the Government has decided that it will not be implemented until the Directive deadline. However, the Board wishes to give advance notice of the application of this measure so that schemes take whatever investment steps are necessary in good time.
12 January 2010 Information Note on the Occupational Pension Schemes (Duties of Trustees in Connection with Bulk Transfer) Regulations 2009 (S.I. No. 177 of 2009) The Occupational Pension Schemes (Duties of Trustees in Connection with Bulk Transfer) Regulations 2009 (“the Regulations”) were signed into law on the 7 May 2009. The Regulations impose various requirements on trustees to give certain information when carrying out a bulk transfer from a pension scheme for which the consent of the members is not required. It includes a bulk transfer arising from the winding up of such a scheme. A bulk transfer is a transfer of an amount of money or other resources by the trustees of a scheme in discharge of their liability under the scheme to provide benefits for a group of members. The Regulations come into effect on the 1st August 2009.
12 January 2010 Pension Board Seminars 2009 The Pensions Board is hosting a series of pension information seminars to explain recent changes in pension legislation.
12 January 2010 Timetable for submission of funding proposals Last September, the Pensions Board granted a six month extension to the deadline for defined benefit schemes to submit funding proposals for approval. For some schemes, this extended period expires at the end of June, 2009.
12 January 2010 Moves to ease pressures on defined benefit pension schemes Mary Hanafin TD, Minister for Social and Family Affairs today announced further changes to the rules governing defined benefit schemes to enable them to better cope with recent investment losses. As outlined in the attached press release from the Department of Social and Family Affairs, The Pensions Board will publish technical details of the revisions in early January.
12 January 2010 Bench warrant issued for arrest of construction company director on foot of Pensions Board prosecution Wednesday 24 September 2008: The Pensions Board brought a prosecution against Limestone Construction Limited, a company incorporated in Ireland and with a registered address at 2 Kilreesk Lane, St Margarets, Co Dublin. The Board also prosecuted Colm McNulty, a director of the Limestone Construction Limited, who also gives his home address as 2 Kilreesk Lane. The case was heard by Judge David McHugh in the Dublin District Court, Court 49, Dolphin House, East Essex Street, Dublin 2
12 January 2010 Sample forms for Registered Administrators With effect from 1 November 2008 the trustees of every scheme, including large trust RAC schemes, must appoint a registered administrator to provide various services to the scheme known as “core administration functions”.
12 January 2010 Pensions Board Calls on Employers and Employees to Engage with Pensions during Pensions in the Workplace Day Wednesday 30 April 2008: “All employers and employees are being encouraged to discuss pension options in the workplace tomorrow, during Pensions in the Workplace Day.” according to Mr. Brendan Kennedy, Chief Executive of The Pensions Board speaking at the launch by the Minister for Social and Family Affairs, Mr. Martin Cullen TD, of Pensions in the Workplace Day, the first day of the National Pensions Action Week 1- 7 May, at Government Buildings.
12 January 2010 Three Quarters Without A Pension Think The State Pension Is Not Enough Monday 5 May 2008: Three quarters of those who currently do not have a pension think the state pension would not be sufficient to adequately meet their needs in retirement. However, 40% of these people do not intend to start a pension in the next 3 years, according to independent consumer market research commissioned by the Pensions Board.
12 January 2010 Top Irish Chef Neven Maguire Fires Up National Pensions Action Campaign 2008 Thursday 24 April 2008: The Pensions Board is to focus strongly on the hospitality, retail and agricultural sectors during the 2008 National Pensions Action Campaign, in order to highlight the importance of good pension provision, particularly in these sectors which have the lowest pension coverage in Ireland.
12 January 2010 Invitation to the Green Paper on Pensions Consultation Seminars In October 2007, the Government published the Green Paper on Pensions to promote debate on the challenges and options for the future of pensions in Ireland. In order to further this debate, the Department of Social and Family Affairs is holding a number of regional seminars to give people the opportunity to discuss the issues involved and to make their views on pensions known.
12 January 2010 PRSA figures for fourth quarter 2007 Friday 8 February 2008: The Pensions Board today announced fourth quarter data for Personal Retirement Savings Accounts (PRSAs), received from all ten PRSA providers to the end of December 2007.
12 January 2010 Pensions Board urges women to plan for a stress free future Friday 16 November 2007: The Pensions Board will attend the ‘RTE Off The Rails’ fashion and beauty show at the RDS this weekend (16th – 18th November), where it will highlight the importance for women to start a pension. Pensions coverage overall for the female workforce stands at 51%, compared to 58% for men.
12 January 2010 PRSA figures for third quarter 2007 Friday 2 November 2007: The Pensions Board today announced 3rd quarter data for Personal Retirement Savings Accounts (PRSAs), received from all 10 PRSA providers to the end of September 2007.
12 January 2010 CEIOPS Conference 2007 – 20 November 2007 12 October 2006: The CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) Conference 2007, will take place on 20 November 2007, in Frankfurt am Main.
12 January 2010 The Pensions Board publishes Hybrid Pension Schemes booklet Friday 28 September 2007: Today, the Pensions Board launched a Hybrid pension scheme booklet which provides guidance to those involved with pension scheme design to understand the different types of scheme designs available.
12 January 2010 The Pensions Board at Ploughing Championships 2007 Monday 24 September 2007: The Pensions Board will attend the National Ploughing Championships at Annaharvey Farm, Tullamore, Co. Offaly, from Tuesday 25 until Thursday 27 September, to provide pensions information for visitors at this major event.
12 January 2010 The Pensions Board publishes on-the-spot fines checklist Wednesday 12 September 2007: The Pensions Board has today published a Trustee and Employer Checklist in relation to the new on-the-spot fine regime commencing on 17 September 2007. The fine for each offence is €2,000.
12 January 2010 FAQs on Trust Based Retirement Annuity Contracts (RACs) Friday 31 August 2007: These FAQs are intended to provide assistance to trustees and beneficiaries under trust based RACs following from amendments made to the Pensions Act 1990 by the Social Welfare and Pensions Act 2007. Hard copy and online versions are available under Related Files and Related Articles below.
12 January 2010 Actuary joins the Pensions Board Friday 24 August 2007: Actuary Pat O’Sullivan has been appointed to the Pensions Board, it was announced today. Pat joins the Technical Services & Research Unit in the Board and takes up his position with immediate effect.
12 January 2010 PRSA Assets exceed Billion Euro at end June 2007 Friday 3 August 2007: The Pensions Board today announced 2nd quarter data for Personal Retirement Savings Accounts (PRSAs), received from all 10 PRSA providers to the end of June 2007.
12 January 2010 PENSIONS BOARD LAUNCHES ANNUAL REPORT Wednesday 11 July 2007: The Pensions Board today launched its 2006 Annual Report and presented a copy of the Report to the Minister for Social and Family Affairs, Mr. Martin Cullen TD.
12 January 2010 Consultation on the Trusteeship Review: Invitation for written comments Friday 6 July 2007: Focus is now turning towards the implementation of the recommendations contained in the Trusteeship Review report. As part of that process, an invitation for written comments on the recommendations of the report is being made, with a particular emphasis on the impact of implementing the recommendations. This written consultation will form part of a regulatory impact analysis which is being carried out in relation to the implementation of the recommendations in the report.
12 January 2010 PRSA contributor information Friday 29 June 2007: There was a 37% increase in the number of people opening Personal Retirement Savings Accounts (PRSAs), between the end of 2005 and the end of 2006, according to new data on PRSA take-up released for the first time today by The Pensions Board.
12 January 2010 Pensions Board to attend Woman’s World Show, RDS Friday 1 June 2007: The Pensions Board will focus on one of its key target sectors in relation to pensions coverage when they attend the Woman’s World Show at the RDS this weekend (1st – 3rd June), where the Board will be encouraging women to plan for their financial future.
12 January 2010 Contracts exceed 100,000 in first quarter 2007 Friday 4 May 2007: The Pensions Board today announced 1st quarter data for Personal Retirement Savings Accounts (PRSAs), received from all 10 PRSA providers to the end of March 2007.
12 January 2010 With longer life expectancy an adequate pension is vital Sunday 18 March 2007: The Pensions Board is urging consumers to ensure they are contributing adequately to their pension on ‘Pensions Adequacy Day’ as part of National Pensions Action Week. The Board is highlighting the good news that life expectancy is greater in Ireland now compared to in previous generations, and therefore it is now more important than ever to ensure that you have adequate pensions provision.
12 January 2010 Multi-lingual online Pensions Calculator and Checklist launched by The Pensions Board Friday 16 March 2007: The Pensions Board, today, launched its multi-lingual online pension calculator and pension’s checklist at a reception in its offices, to mark ‘International Pensions Day’ as part of Pensions Action Week. The online calculator and checklist are now available in the most commonly spoken foreign languages in Ireland which are Arabic, Chinese, French, Spanish, Polish, Russian and are also available in Irish on www.pensionsboard.ie
12 January 2010 45% of SSIA savers are under 40 and one in four do not have a pension Tuesday 13 March 2007: The Pensions Board has today called on SSIA holders to address their pension provision with their SSIA savings. Nearly 45% of SSIA holders are young first time savers under the age of 40 and the Board believes that continuing the savings habit post SSIA release could provide a significant boost to the pension coverage situation in Ireland if these savers shift their focus to pension provision.
12 January 2010 Half of workers say they have not been offered access to a pension Sunday 11 March 2007: Employers were today urged to offer their employees access to a pension. Research conducted by the Pensions Board for Pensions Action Week has revealed that 51% of respondents said that they have not been offered access to a pension by their employer and of those, just 6% had asked their employer about a pension.
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