There are statutory provisions, know as whistleblowing, which place a legal requirement on a range of specified persons involved in the operation of occupational pension schemes to report suspected fraud or material misappropriation to the Board. There is also provision to make a voluntary report on any matter concerning the state and conduct of the scheme.
Specified persons in the Pensions Act include:
- insurance intermediaries
- investment advisers
- any other person who has been involved in assisting the trustees of a scheme.
The provisions also contain legal protection for the persons making such reports.
Whistleblow reports, and other serious complaints or allegations are investigated by The Pensions Board. The Board commences all investigations from a position of trying to secure compliance without recourse to legal action, but it remains committed, where necessary, to using its full powers under the Act.
The majority of whistleblow reports to the Board relate to alleged breaches of the remittance of contributions requirements.