Iberia Airlines of Spain pension scheme trustee sued by Pensions Board
IRELAND - The trustee of an Iberia Airlines of Spain occupational pension scheme has been prosecuted by the Pensions Board and fined e1000 plus costs for failure to provide timely information.
The Board said the trustees of Iberia Airlines of Spain Retirement Plus Plan - ?Irish Republic, failed under Section 54 of the Pensions Act 1990 to furnish the Board, within specified time limits, with copies of certain documents including an annual report and a scheme booklet, relating to the pension plan.
The Court imposed a e1000 fine and awarded e2400 plus VAT in costs to the Board.
Chief executive officer, Anne Maher, said: The disclosure of pensions information, in a timely manner, enables scheme members to monitor their benefits and the financial soundness of their pension schemes.
The Board regards information disclosure as a very important governance requirement for pension scheme trustees and takes steps to enforce this where necessary.
As part of its regulatory role, the Board monitors trustees to ensure they meet their obligations to disclose basic information to members.
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