Pensions Board prosecutes employers over failure to meet pensions obligations

Monday 20November 2006: The Pensions Board today successfully prosecuted Mr. Niall Dennis with an address at 2 Woodlawn Crescent, Woodlawn, Santry, Dublin 9 and Wal Mart Newsagents Limited with an address at Unit 1, Churchview Parade, Celbridge Road, Leixlip, Co. Kildare for failure to comply with the Pensions Board requests for information in relation to their PRSA obligations as employers.

Mr Dennis 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. Niall Dennis, if any, the Pensions Board reference number in respect of each such scheme and the criteria for membership of each such scheme. Mr Dennis also failed to furnish the Pensions Board with a copy of the contract entered into by him with a PRSA provider.

A fine of €100 was imposed by the Court on the defendant and costs of €1,500.

Wal Mart Newsagents Limited 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 Wal Mart Newsagents, if any, the Pensions Board reference number in respect of each such scheme and the criteria for membership of each such scheme within the period specified. Wal Mart Newsagents Limited also failed to furnish the Pensions Board with a copy of the contract entered into by the company with a PRSA provider.

A fine of €100 was imposed by the Court on the defendant and costs of €1,500.

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 prosecutions, 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.”

Fact sheets for each of the cases are listed below.

-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.

See www.pensionsboard.ie

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 - Mr. Niall Dennis

Mr. Niall Dennis with an address at 2, Woodlawn Crescent, Woodlawn, Santry, Dublin 9 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. Niall Dennis, 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. Niall Dennis 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”.

Judge Angela Condon heard the case at Court 49, Dolphin House, Essex Street East, Dublin 2.

Fact Sheet - Wal Mart Newsagents Limited

Wal Mart Newsagents Limited with an address at Unit 1, Churchview Parade, Celbridge Road, Leixlip, Co. Kildare 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 within a specified time and in particular:-

d. The names of all occupational pensions schemes established for the benefit of the employees of Wal Mart Newsagents 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

e. A copy of the contract entered into by Wal Mart Newsagents 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

f. Confirmation of what action has been or is to be taken to fulfil the requirements of the Act in relation to “excluded employees”.

Judge Angela Condon heard the case at Court 49, Dolphin House, Essex Street East, Dublin 2.

 
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