Company convicted and fined in prosecution taken by the Pensions Authority

31 March 2015: In Dublin District Court, on Monday 30 March 2015, Judge John O’Neill convicted Axiologix Limited (In Liquidation), for failing to remit employee pension contributions to New Ireland Assurance Ltd, the pension provider, on behalf of the trustee of the scheme within the statutory time limit pursuant to section 58A(1) of the Pensions Act, 1990, as amended. The company was fined €7,500. The company is a limited liability company with a registered address of 4 The Cubes, 1 Beacon South Quarter, Blackthorn Road, Sandyford Industrial Estate, Dublin 18.

Axiologix Limited (In Liquidation) had deducted pension contributions from the salary of an employee between the period October 2012 to February 2014 for remittance to New Ireland Assurance Ltd on behalf of the trustee of the scheme but had failed to remit the contributions to the trustee within the statutory timeframe.

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For further information, contact:

David Malone
Head of Operations and Communications
The Pensions Authority

Tel (01) 6131900

Note to Editors

The Pensions Authority

The Pensions Authority (“the Authority”) is the statutory body established by the Pensions Act 1990 (“the Act”) to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social Protection on overall pension policy development. See www.pensionsauthority.ie

Under the Act, the Authority has power to carry out investigations into alleged breaches of the Act and to ensure that trustees, employers, pension administrators and their advisers comply with their obligations to current and former employees in relation to their pension contributions and benefits.

The Authority’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 any person that contravenes the provisions of the Act.