Pensions Board prosecutes employer over failure to meet pensions obligations

Wednesday 16 April 2008: The Pensions Board successfully prosecuted Allerbrack Limited with a registered office at Craan, Clonegal, Bunclody, Co. Wexford for failure to comply with The Pensions Board requests for information in relation to their PRSA obligations as an employer.

A fine of €300 and costs for €700 was imposed by the Court on the defendant.

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 of The Pensions Board, Brendan Kennedy, said: “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”. Failure to respond to a request for information by the Board in relation to employers PRSA obligations is an offence. The Board has a responsibility to enforce this requirement and regards non-compliance as a serious matter.”

Please see Fact Sheet below.

-ENDS-

For further information:

David Malone
Head of Information Services
The Pensions Board Tel (01) 613 1900

Jackie Gallagher
Q4 Public Relations Tel (01) 475 1444/ 087- 2371838

Fact Sheet

The case was heard by Judge O’Buachalla in Enniscorthy District Court, Wexford on 16 April 2008.

1. Allerbrack Limited with a registered office at Craan, Clonegal, Bunclody, Co. Wexford 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 Allerbrack Limited, 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 Allberbrack Limited 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”

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.

 

 
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