Company convicted and fined in prosecution taken by the Pensions Authority

Monday 20 April 2020: In Ennis District Court on Wednesday 8 April 2020, Judge Durcan convicted Deepak Fasteners (Shannon) Ltd for failing to pay employer pension contributions within the statutory timeframe pursuant to section 58A(2) of the Pensions Act 1990, as amended. The company with a registered address of Bays 25-30, Shannon Industrial Estate, Shannon, Co. Clare was fined €3,000.

Deepak Fasteners (Shannon) Limited had failed to pay the employer pension contributions as obliged under the terms of the pension scheme between November 2018 and January 2019 to the pension provider, Irish Life Assurance plc. However, all outstanding contributions due to the scheme were repaid prior to sentencing. Costs of €650 were also awarded to the Authority.

Commenting on the conviction in this case, the Pensions Regulator, Brendan Kennedy, said, “This conviction should act as a warning to all employers 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.”

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For further information, contact:

David Malone
Head of Operations
The Pensions Authority

Tel (01) 6131900

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 Employment Affairs and Social Protection on overall pension policy development.

See www.pensionsauthority.ie

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.

The Authority’s powers allow it to conduct on-site visits without notice, seize and copy relevant documents; enter dwellings on foot of a warrant, and to prosecute any person that contravenes the provisions of the Act.