IRELAND - The Pension Board has successfully prosecuted Superwash Laundrette for failing to comply with regulatory requests for information in relation to Personal Retirement Savings Account (PRSA) obligations.
The Pensions Board requested the names of all occupational pension schemes established for the benefit of the employees of the laundrette.
It also failed to provide the Pensions Board with a copy of the contract entered into by Superwash Laundrette with a PRSA provider and with confirmation of what action had been taken to fulfil requirements of the act in relation to “excluded employees”.
A fine of e750 was imposed by the Court and costs of e2,400 were awarded.
Pensions Board CEO Anne Maher (pictured) said: “By September 2003 all employers were required to have entered into a contract with a PRSA provider to allow access to at least one Standard PRSA to all “excluded employees” on and from that date.
“This requirement is a key component in the drive to increase private pension coverage in Ireland.”
PRSAs were first introduced in Ireland through the Pensions Act 2002.
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The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.