Company and directors convicted and fined in prosecution taken by the Pensions Authority
13 October 2016: In Cork District Court, on Wednesday 28 September 2016, Judge Kelleher convicted Rice Insulations Ltd for failing to remit employee pension contributions to the trustee of the Construction Workers Pension Scheme (CWPS), within the statutory timeframe pursuant to section 58A(1) of the Pensions Act, 1990, as amended. The company with a registered address of 10 Nicholas Street, Off Douglas Street, Cork was fined €1,750. The directors of the company, Edward Rice and Liam Rice were also convicted and each fined €1,750. The Authority was awarded costs of €300.
Rice Insulation Ltd had deducted pension contributions from the wages and salaries of its employees for periods between October 2014 and May 2015 for remittance to the trustee of CWPS but had failed to remit the contributions to the trustee within the statutory timeframe. However, full repayment of all outstanding contributions due to CWPS was made prior to sentencing.
Commenting on the conviction in this case, the Pensions Regulator, Brendan Kennedy, said, “This conviction should act as a warning to all employers and company directors that the Pensions Authority treats the failure of the employer to remit pension contributions as a very serious offence. We advise any employer with outstanding pension contributions to immediately regularise their position.”
For further information, contact:
Head of Operations and Communications
The Pensions Authority
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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. 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.