Pensions Authority investigation into the activities of Source Pensions Administration and Trustee Company Limited

Friday 23 January 2015: The Pensions Authority confirmed that it has begun an investigation into the activities of Source Pensions Administration and Trustee Company Limited in its capacity as a trustee of a number of occupational pension schemes.

As part of this investigation, the Pensions Authority has secured a High Court Order to temporarily prohibit any person from disposing of, selling, pledging, charging or otherwise dealing with any of the resources of any scheme to which Source Pensions Administration and Trustee Company Limited is the trustee.

The Pensions Authority is working to resolve this matter as soon as possible and will issue further information updates as they become available.

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For further information, contact:

David Malone
Head of Operations and Communications
The Pensions Authority
Tel (01) 6131900

Note to Editors

The Pensions Authority

The Pensions Authority is the statutory body established by The Pensions Act 1990 to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for 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 Pensions 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.