“Publication of The Pensions Board Annual Report and Accounts 2013”

30 June 2014: The Pensions Board Annual Report and Accounts 2013 has been published. As outlined in the Chairperson’s statement, this is the final annual report under the old structures of The Pensions Board. The annual report outlines the progress and activity of the Board during 2013.

2013 at a glance:

  • 19 prosecutions cases were concluded. Convictions were secured in 13 cases and a further 6 cases were struck out or withdrawn due to payment of arrears
  • 26 cases of suspected deduction and non-remittance of pension contributions by employers in the construction sector were reported in 2013 as compared to 25 cases in 2012
  • 37 cases of suspected deduction and non-remittance of pension contributions were reported in relation to other occupational pension schemes and PRSA products
  • a total of €700,948 of previously unremitted employer and employee contributions were paid to the construction workers pension scheme. To date the value of restored contributions to the construction workers pension scheme resulting from investigations activity stands at €7,982,205 since April 2008
  • fines totalling €36,000 were issued. Fines paid were subsequently passed on to the Exchequer
  • 21 onsite investigations covering a cross-section of approved administrators were carried out and 40 meetings with trustees, pension providers and public service administrators to discuss a range of compliance issues were also held
  • the number of Registered Administrators (RAs) reduced during the year as 19 opted not to renew their registration. There were 159 RAs on the register of RAs at year end and none were refused renewal or had their activities restricted in 2013
  • all defined benefit schemes in deficit were required to submit a funding proposal by the deadline date of 30 June 2013. During 2013, 122 Section 49(3B) applications were received and a later date in respect of 92 of these cases was specified. Further clarification is being sought in 11 cases, one application was withdrawn and as at year end the remaining 18 applications were being processed. There were 35 Section 50 applications received. Of these, 28 were approved, one application was withdrawn and as at year end the remaining six applications were being processed
  • the number of active members of occupational pension schemes fell by 12,249 during 2013. At 31 December 2013 there were 748,371 members in 62,121 schemes. There was an overall decrease in DB membership of 20,627 as against an increase of 8,378 in DC membership
  • the number of PRSA contracts in place increased by 8,956 comprising of 5,351 Standard PRSAs and 3,605 Non-Standard PRSAs.

ENDS.

For further information, please contact:
David Malone
Head of Operations and Communications
The Pensions Authority

Tel: (01) 613 1900