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

29 January 2015: The Pensions Authority confirmed that its 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 is ongoing.

The High Court Order obtained on 22 January 2015 obtaining injunctive relief pursuant to section 90(3) of the Pensions Act has been extended by the Court for a further period while the investigation continues.

The Pensions Authority is working to complete its investigation and to resolve any issues as soon as possible and the matter is back before the Court on Tuesday next, 3 February 2015.

The Authority is in direct contact with the relevant schemes and sponsoring employers 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.