Fines and penalties
As a trustee you may be liable to an ‘on-the-spot fine’ from the Pensions Authority if you contravene the specified provisions of the Pensions Act. The fine for each offence is €2,000.
The introduction of the on-the-spot fine regime as an alternative to prosecution is provided under Section 39 of the 2006 Social Welfare Law Reform and Pensions Act. Section 39 was amended by Section 37 of the Social Welfare and Pensions Act 2007, to set out specifically which contraventions of the Act would be liable to on-the-spot fines.
Under Section 3 of the Pensions Act, it is an offence to contravene any provision of the Act or Regulation made there under and such offences may result in prosecution.
The checklist below will help you to ensure that you do not contravene any of the specified provisions subject to the fines regime.