New Head of Investigations & Compliance announced by The Pensions Board
Monday 20 August 2007: It was announced to-day that Mary Hutch has been appointed as the new Head of Investigations and Compliance by The Pensions Board. It is the responsibility of the Investigations and Compliance Unit to monitor compliance with the requirements of the Pensions Act.
Mr. Brendan Kennedy, CEO of The Pensions Board, highlighted the wealth of experience Mary Hutch will bring to the job. “Mary’s diverse role as previous Head of the Information & Training Unit has given her an invaluable perspective and skills set on the key issues that need to be addressed with regard to pension protection”.
Mary Hutch is a solicitor by profession and, prior to this appointment, was Head of Information and Training with The Pensions Board. Previously, she was Legal Consultant, and latterly trustee consultant, with Pension and Investment Consultants, now Mercer. Mary is a former President of the Irish Institute of Pensions Managers, a member of the Association of Pension Lawyers in Ireland and a member of the Technical Committee of the International Organisation of Pensions Supervisors (IOPS).
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The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development. See www.pensionsboard.ie
Investigations and Compliance Unit
It is the responsibility of the Investigations and Compliance Unit to monitor compliance with the Pensions Act, 1990 as amended (“the Act”) in respect of Occupational Pension Schemes. This includes;
- carrying out investigations into the state and conduct of schemes under the provisions of the Act;
- auditing schemes under the Board’s Disclosure Compliance Strategy;
- monitoring compliance with the Funding Standard under Part IV of the Act as it applies to defined benefit schemes, including the receipt of Actuarial Funding Certificates and funding proposals, and the assessment of applications from trustees under section 49(3) of the Act for a longer period in which to fund a scheme;
- enforcing compliance with the requirement to register schemes and to pay fees.
- assessing applications under the Occupational Pension Schemes (Cross Border) Regulations, 2006 from schemes seeking authorisation to operate cross border and approval to accept contributions;
- assessing applications under the Occupational Pension Schemes (Trustees) Regulations, 2006 from trustees seeking approval from the Board of their qualifications and experience in accordance with the Regulations.