Pensions Board prosecutes trustees over failure to submit an actuarial funding certificate

Monday 18 October 2010: The Pensions Board successfully prosecuted Rice Steele Manufacturing Ltd, with an address at Cookstown Industrial Estate, Belgard Road, Tallaght, Dublin 24, for failure to submit an actuarial funding certificate within 9 months of the effective date of the certificate as required.

Judge Blake hearing the case in Court 50, Richmond District Court, Richmond Courthouse, North Brunswick Street, Dublin 7, convicted the company under section 3(1)(a)(i) and section 43(2) of the Pensions Act and fined the company €3,850 and awarded costs of €600 plus vat with one month to pay. Judge Blake recognised the significance of the actuarial funding certificate and said that it was a serious matter. He pointed out that trustees cannot blame the service provider and that ensuring such certificates are provided is ultimately their responsibility.

The trustees of the Rice Steele Pension Plan, Rice Steele Manufacturing Ltd, were represented in court by company director Anthony McConville. The trustees of the scheme pleaded guilty for failing to submit to The Pensions Board an actuarial funding certificate on or before 1 October 2009 as required under the Pensions Act.

Commenting on the prosecution, the Chief Executive of The Pensions Board, Brendan Kennedy said, “Actuarial funding certificates are important because they provide vital disclosure information 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.”

-Ends-

For further information:

David Malone
Head of Information
The Pensions Board
Tel (01) 6131900/ 087 6857743

Jackie Gallagher
Q4 Public Relations
Tel (01) 475 1444/ 087 237 1838 

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 and Family Affairs, and through him, the Government, 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.

For further information: www.pensionsboard.ie

 
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