Company convicted and fined in prosecution taken by the Pensions Authority

9 July 2015: In Galway District Court, on Tuesday 7 July 2015, Judge Mary Fahy convicted Eurobead Insulation Ltd for failing to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS) within the statutory time limit pursuant to section 58A(1) of the Pensions Act, 1990, as amended. The company with a registered address at Unit 12 Glenrock Business Park, Ballybane, Galway was fined €2,200.

Eurobead Insulation Ltd had deducted pension contributions from the salaries of employees between the period March – November 2013 for remittance to CWPS but had failed to remit the contributions to the trustee within the statutory timeframe. However, full repayment of all outstanding contributions owed to CWPS was made prior to sentencing.

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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.