The Pensions Authority is a statutory body set up under the Pensions Act, 1990.
- supervises compliance with the requirements of the Pensions Act by trustees of occupational pension schemes and Trust RACs, Personal Retirement Savings Accounts (PRSA) providers, Registered Administrators (RAs) and employers
- investigates suspected breaches of the Pensions Act
- conducts on-site inspections and compliance audits
- instigates prosecutions and other sanctions where breaches of the Pensions Act are found to have occurred
- provides policy advice and technical support to the work of the Minister and Department of Social Protection
- provides relevant information and guidance to the public and those involved with pensions
- deals with enquiries received from scheme members, trustees, employers, the pensions industry, the general public and the media
The Authority is structured as follows:
- the Pensions Regulator is the chief executive officer of the Pensions Authority.
Compliance - are responsible for:
- supervision and enforcement activities designed to ensure compliance with the requirements of the Pensions Act
- conducting compliance audits and on-site inspections
- investigating suspected breaches of the Pensions Act
- instigating sanctions where appropriate.
Funding and Actuarial Services - are responsible for:
- oversight of defined benefit scheme funding
- processing of defined benefit scheme funding and related proposals
- overseeing the reliability of data, in respect of defined benefit schemes, submitted to the Authority through its interactive data management system
- the oversight of cross-border scheme requirements.
Regulatory Intelligence – are responsible for:
- analysis of regulatory data submitted to the Authority
- raising data reporting compliance standards and reporting integrity
- collating available data and information and supporting the wider compliance effort.
Operations and Communications - are responsible for:
- dealing with all initial enquiries from scheme members, trustees, employers, the pensions industry, the general public and the media
- all routine interaction with the public through the provision of the Authority's information, guidance and communications services
- overseeing the reliability of all data submitted to the Authority through its interactive data management system
- managing all the Authority's ICT requirements.
Policy - are responsible for:
- formulating policy advice on the development and regulation of pensions and related issues through research, consultation and the preparation of working papers
- providing advice and technical support to the work of the Minister and Department of Social Protection
- contributing to and participating in EU and international pension policy issues.
Legal - are responsible for:
- providing legal advice and support services to the Authority
- prosecuting summary offences under the Pensions Act
- providing technical legislative support to the Department of Social Protection
- providing secretariat services to the board of the Authority.
Corporate Services - are responsible for:
- overseeing corporate governance
- human resources, risk management, procurement, facilities management and budgeting
- preparing statutory accounts and ensuring effective financial management and controls for the Authority.