The Pensions Authority is a statutory body set up under the Pensions Act, 1990.
- supervises compliance with the requirements of the Pensions Act by trustees of occupational pension schemes and trust RACs, Personal Retirement Savings Account (PRSA) providers, Registered Administrators (RAs) and employers
- investigates suspected breaches of the Pensions Act
- conducts on-site inspections and compliance audits
- instigates prosecutions and other sanctions where breaches of the Pensions Act are found to have occurred
- provides policy advice and technical support to the work of the Minister and Department of Social Protection
- provides relevant information and guidance to the public and those involved with pensions
- deals with enquiries received from scheme members, trustees, employers, the pensions industry, the general public and the media.
The three functions of the Pensions Authority are:
- Regulation - fostering public confidence in pensions by regulating pension schemes and PRSAs effectively and efficiently
- Policy - providing expert advice to the Minister for Social Protection to help inform policy development
- Information - supporting pension scheme trustees and the public by providing guidance and information.