IRELAND - The Pensions Board has published a checklist for trustees and employers to help them avoid on the spot fines which are due to take effect later this month.
The checklist was put together to highlight how the provisions of the Pensions Act could be contravened, thereby incurring a fine from the board.
Brendan Kennedy, CEO of the Pensions Board, said: “The checklists will help scheme trustees and employers to check their levels of compliance. If in doubt they should contact their advisors.”
The checklist would include issues such as, breaches of the disclosure of information regulations, or failure to respond to a request for information by the Pensions Board.
Kennedy continued: “Given the protracted nature of bringing cases to court we welcome an alternative means of ensuring that scheme trustees and employers comply with their statutory obligations.”
The fine for minor breaches would be €2,000.
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