15 October 2021: Today, the Pensions Authority publishes information for trustees regarding their outsourcing notification obligations provided for under the Pensions Act, 1990, as amended (the Act).
Outsourcing notification obligations
Section 64AM of the Act requires trustees to notify the Authority of outsourcing arrangements.
From 1 December 2021, trustees must notify the Authority when they enter an outsourcing arrangement for the provision of the internal audit and risk management key functions. Trustees who have entered these arrangements since 22 April 2021 must also notify the Authority.
Trustees are reminded to familiarise themselves with the outsourcing requirements of section 64AM under the Act and in particular that written legal agreements with service providers must be in place. The Authority may request sight of relevant outsourcing documentation and records from trustees as part of its ongoing supervisory activity.
The Authority is currently updating the Pensions Data Register (PDR) to facilitate the notification of the appointment of internal audit and risk management key function holders. This new facility will be available from 1 December 2021 with accompanying instructions.
The Authority is finalising guidance for one-member arrangements (OMAs) and this will be issued during the week commencing 15 November 2021.
The consultation process for the draft code of practice has now closed and the Authority will publish the final code during the week commencing 15 November 2021.
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For further information, contact:
The Pensions Authority
Tel: 01 613 1900
Note to Editors
The Pensions Authority is the statutory body that supervises compliance with the requirements of the Pensions Act, 1990, as amended, by trustees of occupational pension schemes and trust RACs, PRSA providers, registered administrators and employers. The Pensions Authority also provides guidance and information to these stakeholders on their duties and responsibilities and advises the Minister for Social Protection on pension matters. See www.pensionsauthority.ie