Pensions Board prosecutes trustees over failure to submit an actuarial funding certificate
Monday 7 September 2009: The Pensions Board successfully prosecuted B. & C. Engineering Company Limited with an address at Rockgrove Industrial Estate, Little Island, Cork for failure to submit an actuarial funding certificate within 9 months of the effective date of the certificate as required.
Judge David Riordan of Cork District Court convicted the company under section 3(1)(a)(i) of the Pensions Act and fined the company €2,500 with 90 days to pay.
The Pensions Board, as part of its regulatory role, monitors compliance with the requirement under the Act to submit actuarial funding certificates.
Commenting on the prosecution, the Chief Executive of The Pensions Board, Brendan Kennedy said, “Actuarial funding certificates are important because they provide vital disclosure of how well the pension scheme meets the funding standard. Failure to submit an actuarial funding certificate is an offence and the Board has a responsibility to enforce this requirement. We regard non-compliance as a serious matter.”
Please see fact sheet below.
For further information:
The Pensions Board
Q4 Public Relations Tel (01) 475 1444/ 087- 2371838
The case was heard by Judge David Riordan in Cork District Court, The Courthouse, Anglesea Street, Cork City on the 7 September 2009.
B. & C. Engineering Company Limited as trustees of the B. & C. Engineering Company Limited Retirement and Death Benefit Plan, with an address at Rockgrove Industrial Estate, Little Island, Cork, being trustees of the scheme within the meaning of section 2 of the Pensions Act 1990 as amended (‘the Act’), failed to submit to the Pensions Board an actuarial funding certificate within 9 months of the effective date of the certificate as required pursuant to Section 43(2) of the Act and contrary to the provisions of Section 3(1)(a)(i) of the Act.
About The Pensions Board – www.pensionsboard.ie
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 on overall pension policy development.