The Authority regulates and supervises compliance with the requirements of the Pensions Act, 1990, as amended (the Act), by trustees of occupational pension schemes, Personal Retirement Savings Accounts (PRSA) providers, Registered Administrators (RAs) and employers.
The Pensions Authority priorities include:
- carrying out investigations into alleged breaches of the Act
- auditing documentation which schemes are required to produce
- ensuring compliance with the funding standard in the case of defined benefit schemes
- approving PRSA products jointly with Revenue.
In order to ensure that its regulatory practices are efficient and that activities are directed to the most important and effective means, the Authority adopts a supervisory approach based on a hierarchy of risk priorities as follows:
1st priority: misappropriation of pension assets or contributions
2nd priority: lack of governance or maladministration impacting on benefits/failure to pay benefits due
3rd priority: DB solvency
4th priority: failure to provide prescribed information to members
5th priority: failure by regulated entities to submit accurate and timely data to the Authority
The Pensions Authority engages with regulated entities and their administration providers in order to assess levels of compliance based on the above priorities.