Construction company fined for non remittance of pension contributions to the Construction Workers Pension Scheme in a prosecution taken by 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.

Fire and Sound Systems Ltd. had deducted pension contributions from the wages and salaries of its employees in the months of February 2010, March 2010, April 2010, May 2010 and June 2010 for remittance to the trustee of the Construction Workers Pension Scheme but had failed to remit the contributions to the trustee within the statutory time frame. This meant that employees working for that company were not covered for pension benefits, sick pay benefits or death in service benefits for those months.

Commenting on the conviction in this case, the Chief Executive of the Pensions Board, Mr. Brendan Kennedy, said, “This conviction should act as a warning to all employers that The Pensions Board treats the failure of the employer to remit pension contributions to the trustees of the pension scheme as a very serious offence. We advise any employer with outstanding pension contributions to immediately contact the pension scheme to regularise their position.”

 -Ends-

For further information:

David Malone
Head of Information
The Pensions Board
Tel (01) 6131900 

Note to Editors 

The Pensions Board

The Pensions Board 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.pensionsboard.ie

Under the Act, the Board has power to investigate the state and conduct of Irish pension schemes, and to ensure that trustees, employers, pension administrators and their advisers comply with the obligations they owe to current and former employees in relation to their pension contributions and benefits.

The Board’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 and or sue any person that contravenes the provisions of the Act.

 

The Construction Workers Pension Scheme (“CWPS”)

CWPS is an occupational pension scheme approved by the Revenue Commissioners and registered with the Pensions Board.  It was established pursuant to a Registered Employment Agreement (“REA”) on Construction Industry Pensions, Assurance and Sick Pay, which is registered by the Labour Court and was concluded between employers and employee organisations operating in the construction industry.

Under the REA, all employers operating in the construction industry are required to become a party to an approved contributory pension scheme to provide pension and death-in-service benefits to employees. These obligations are discharged by deducting pension contributions from their employees and remitting them to CWPS or another appropriate scheme.

 
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  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
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  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
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