The Pensions Authority
The Pensions Authority (formerly known as the Pensions Board) is the statutory body tasked with overseeing the proper administration of pension schemes and the protection of pension rights for people living in Ireland.
The Authority is the regulatory body for occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and certain Retirement Annuity Contracts (RACs). It also has a role in the development of pension policy in general.
A separate Pensions Council advises 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 main functions of the Pensions Authority include:
- Providing information and guidance to members and trustees of pension schemes
- Encouraging people to take part in pension schemes and adequately provide for retirement
- Supervising pension schemes for compliance with the Pensions Act and investigating potential breaches of the Act
- Monitoring defined benefit schemes to ensure sufficient funds are available to meet the ongoing and eventual needs of members
- Approving PRSAs with the Revenue Commissioners
- Keeping a public register of PRSAs and their providers
- Monitoring the operation of pensions legislation and pensions developments generally
- Issuing guidelines on the duties and responsibilities of trustees
- Advising the Minister for Social Protection on pension matters
Pension information services
The Pensions Authority provides both general and personalised pensions information on its website. You can watch video guides on a number of pension related topics, including understanding your pension, state age pension, approaching retirement, charges, tax relief and investment risk. There are useful resources available including a pension calculator, budget planner , investment risk profiler and a glossary of pension terms.
A range of booklets about pensions are available to download from the Authority. 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.