The Authority regulates and supervises compliance with the requirements of the Pensions Act by trustees of occupational pension schemes, Personal Retirement Savings Accounts (PRSA) providers, Registered Administrators (RAs) and employers. Occupational pension schemes and PRSAs represent the retirement savings of close on one million members with combined assets of circa €100 billion.
The Pensions Authority operates under three core functions:
- Regulation - fostering public confidence in pensions by regulating pension schemes and PRSAs effectively and efficiently
- Policy - providing expert advice to the Minister for Social Protection to help inform policy development
- Information - supporting pension scheme trustees and the public through providing guidance and information