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.

Ends

For further information:

Andrew Nugent
Information Services
The Pensions Board
01-6131900

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

Fact Sheet

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.

Notes

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.

 
Back to Top
Print
Email this Page
 
 
Pensions Board
Pensions Board - Engage with your Pension

About the Pension’s Calculator

  • 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.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  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.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028