The Pensions Board

Information

The Pensions Board, set up under the Pensions Act 1990 provides for the proper administration of pension schemes and the protection of pension rights for people living in Ireland.

The Board is the regulatory body for occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and also has a role in the development of pension policy in general.

What does the Pensions Board have responsibility for?

The Board has responsibility for:

• Promoting the security and protection of members of occupational pension schemes and contributors to Personal Retirement Savings Accounts
• Promoting the development of efficient national pension structures
• Encouraging people to take part in a pension scheme to ensure that they have adequate retirement income, and
• Providing information and authoritative guidance to relevant parties about pension security, structures, etc.

What does the Pensions Board do on a day-to-day basis?

• The Pensions Board provides information to both members and trustees of pension schemes
• It monitors the Defined Benefit Occupational Pension Schemes compliance with the Pension Act 1990 and its amendments
• It has a number of responsibilities with regard to PRSAs, for example, to approve PRSA products with the Revenue Commissioners and to keep a public register of PRSA Providers and products.
• Monitors and supervises the operation of the Pensions Act and pension developments generally
• Issues guidelines on the duties and responsibilities of the trustees (who hold and look after pension funds) of occupational pension schemes and codes of practice on specific aspects of their responsibilities
• Advises the Minister for Social Protection on the operation of the Pensions Act and on pension matters generally.

Who are members of the Pensions Board?

The Pensions Board consists of representatives nominated by trade unions, employers, the Government, the pensions industry and consumer and professional groups.