The High Court directs the removal of Source Pensions Administration and Trustee Company Limited as trustee

Tuesday 3 February 2015: The Pensions Authority has today obtained an Order of the High Court directing the removal of Source Pensions Administration and Trustee Company Limited as trustee of a number of occupational pension schemes. A new trustee, Trustee Principles Limited, has been appointed in its place by the same Order.

The Authority confirmed that its investigation into the activities of Source Pensions Administration and Trustee Company Limited is ongoing.

The Authority is working to complete its investigation and to resolve any outstanding issues as soon as possible.

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For further information, contact:

David Malone
Head of Operations and Communications
The Pensions Authority
Tel (01) 6131900

Note to Editors

The Pensions Authority

The Pensions Authority is the statutory body established by The Pensions Act 1990 to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social Protection on overall pension policy development. See www.pensionsauthority.ie

Under the Act, the Authority has power to carry out investigations into alleged breaches of the Pensions Act and to ensure that trustees, employers, pension administrators and their advisers comply with their obligations to current and former employees in relation to their pension contributions and benefits.

The Authority’s powers allow it to conduct on-site visits without notice, seize and copy relevant documents, enter dwellings on foot of a warrant, and to prosecute any person that contravenes the provisions of the Act.