The Pensions Authority
The Pensions Authority (formerly known as the Pensions Board) provides for the proper administration of pension schemes and the protection of pension rights for people living in Ireland.
Under the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013 the Pensions Board was renamed the Pensions Authority and its Chief Executive become the Pensions Regulator. These changes took effect from 7 March 2014.
Oversight of the Pensions Authority will be provided by a three-person board. The Pensions Regulator will continue to perform the Chief Executive functions of the Pensions Authority. A separate Pensions Council was set up to advise the Minister for Social Protection on matters relating to policy on pensions and protect the consumer interest.
What does the Pensions Authority have responsibility for?
The Authority 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 Authority do on a day-to-day basis?
The Pensions Authority 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.
Pension information services
The Pensions Authority provides information services to help members of pension schemes understand their rights and to use these rights to ensure that their pensions are fully protected. The Authority also provides information for trustees and pension providers.
A range of booklets about pensions are available free of charge from the Authority which you may download. You can also request printed copies of these booklets from the Authority directly.
An information and enquiry service is provided to answer questions related to occupational pension schemes and PRSAs. See below for contact details.
Making a complaint about a pension provider or scheme
The Pensions Authority can assist you if you are concerned about the operation of your PRSA or occupational pension scheme.
If you have a complaint about your pension that you are unable to resolve with your PRSA provider (or, in the case of occupational pensions with your employer, pension administrator or trustees), then you may contact the Pensions Authority for advice and assistance.
The Pensions Authority can:
- Act on behalf of pension scheme members who are concerned about their schemes
- Investigate the status and conduct of an occupational pension scheme
- Prosecute for breaches of the Pensions Acts
- Take court action against trustees for the protection of members and their rights.
The Pensions Authority provides information services to help members of pension schemes understand their rights and to use these rights to ensure that their pensions are fully protected. The Pensions Authority also provides information for trustees and pension providers.