Pensions Authority compliance alert: Registered Administrator (RA) renewal process – reminder of compliance obligations for RAs and scheme trustees
Thursday 21 September 2017: The Pensions Authority is reminding Registered Administrators (RAs) of their statutory compliance obligations with respect to the annual registration process. It is also reminding scheme trustees of their statutory obligation to appoint an RA.
The Pensions Authority expects both RAs and trustees to be fully familiar with their legal responsibilities and to engage with each other as necessary to effectively carry out their respective compliance obligations.
RAs are reminded that under the Pensions Act they must apply annually to the Authority for a renewal of their registration to carry out the core administration functions on behalf of scheme trustees.
The core administration functions are:
- the preparation of member benefit statements
- the preparation of annual reports
- the maintenance of sufficient and accurate records
- the submission of annual scheme information (ASI) returns.
Applications for renewal must be submitted through the Authority’s Pensions Data Register (PDR) system by the statutory deadline of 1 October 2017.
RAs should ensure their applications contain a complete list of the pension schemes to which the RA provides services. RAs should be aware that where late or incomplete applications for RA renewal are received, renewal may be refused by the Pensions Authority.
RAs are further reminded that it is an offence to perform core administration functions unless they have been registered with the Pensions Authority.
Trustees are reminded that under the Pensions Act it is their obligation to ensure that at all times the core administration functions of their scheme are carried out by an RA that is registered with the Pensions Authority. The list of RAs can be found here.
Trustees are further reminded that the appointment of an RA does not relieve them of their obligations with respect to ensuring the proper administration of their scheme.
The Authority has published a “Guide on Registered Administrator (RA) Renewal Process” on our website www.pensionsauthority.ie.
For further information contact:
Head of Operations
The Pensions Authority
Tel: (01) 6131900