The Pensions Authority

Summary

The Pensions Authority is a statutory body set up under the Pensions Act, 1990.

The Authority:


Supervises compliance with the requirements of the Pensions Act by trustees of occupational pension schemes and trust RACs, Personal Retirement Savings Account (PRSA) providers, Registered Administrators (RAs) and employers
Investigates suspected breaches of the Pensions Act
Conducts on-site inspections and compliance audits
Instigates prosecutions and other sanctions where breaches of the Pensions Act are found to have occurred
Provides policy advice and technical support to the work of the Minister and Department of Social Protection
Provides relevant information and guidance to the public and those involved with pensions
Deals with enquiries received from scheme members, trustees, employers, the pensions industry, the general public and the media.

The three functions of the Pensions Authority are:

Regulation - fostering public confidence in pensions by regulating pension schemes and PRSAs effectively and efficiently

Policy - providing expert advice to the Minister for Social Protection to help inform policy development

Information - supporting pension scheme trustees and the public by providing guidance and information.