The Pensions Board priorities include:
- carrying out investigations into the state and conduct of schemes
- auditing documentation which schemes are required to produce
- ensuring compliance with the funding standard in the case of defined benefit schemes
- approving PRSA products jointly with the Revenue Commissioners.
In order to ensure that its regulatory practices are efficient and that activities are directed to the most important and effective means the Board adopts a supervisory approach based on a hierarchy of risk priorities as follows:
- scheme or PRSA assets or contributions being misappropriated
- benefit entitlements being calculated incorrectly
- defined benefit schemes being funded inadequately
- non compliant investment of pension assets
- insufficient information provided to members.
The Pensions Board engages with regulated entities and their administration providers in order to assess levels of compliance based on the above priorities.