Pensions Board prosecutes employer over failure to meet pensions obligations
Tuesday 17 October 2006: The Pensions Board today successfully prosecuted Mr. John Ryan with an address at Boherash, Buttevant, Co. Cork for failure to comply with the Pensions Board requests for information in relation to his PRSA obligations as an employer.
Mr Ryan failed to comply with the Pensions Board’s request, made by notice in writing to furnish the Pensions Board with the names of all occupational pensions schemes established for the benefit of the employees of Mr. John Ryan, if any, the Pensions Board reference number in respect of each such scheme and the criteria for membership of each such scheme. Mr Ryan also failed to furnish the Pensions Board with a copy of the contract entered into by Mr. Ryan with a PRSA provider.
A fine of €400 was imposed by the Court on the defendant and costs of €500.
The Pensions Board, as part of its regulatory role, supervises the activities of PRSA providers in relation to their approved products and monitors employers’ compliance with the legislation regarding PRSAs.
Commenting on the prosecution, the Chief Executive Officer of the Pensions Board, Anne Maher said: “By 15 September 2003 all employers were required to have entered into a contract with a PRSA provider to allow access to at least one Standard PRSA to all “excluded employees” on and from that date. This requirement is a key component in the drive to increase private pension coverage in Ireland. The Board has a responsibility to enforce this mandatory access requirement and regards non-compliance as a serious matter.”
A Fact Sheet is attached.
-ENDS-
Notes:
About the Pensions Board
The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development.
For further information:
Mary Hutch
Head of Information & Training
The Pensions Board Tel (01) 613 1900
Aongus Horgan
Assistant Head of Information & Training
The Pensions Board Tel (01) 613 1900
Jackie Gallagher
Q4 Public Relations Tel (01) 475 1444/ 087- 2371838
Fact Sheet
1. Mr.John Ryan with an address at Boherash, Buttevant, Co. Cork being an employer within the meaning of section 2 of the Pensions Act 1990 as amended (‘the Act’) failed to comply with the Pensions Board’s request, made by notice in writing to furnish the Pensions Board with information relating to matters described in section 18(2) of the Act and in particular:-
a. The names of all occupational pensions schemes established for the benefit of the employees of Mr. John Ryan, if any , the Pensions Board reference number in respect of each such scheme and the criteria for membership of each such scheme; and/or
b. A copy of the contract entered into by Mr. John Ryan with a PRSA provider, if any, and a copy of the notification issued to employees in accordance with Section 121(2)(a) of the Pension Act 1990, as amended, informing them of their right to contribute to a standard PRSA; or
c. Confirmation of what action has been or is to be taken to fulfil the requirements of the Act in relation to “excluded employees”.
The case was heard by Judge Patwell in Mallow District Court.