IRELAND - Coyle Hamilton Trustees Limited, as trustees of an occupational pension scheme, have been prosecuted by the Pensions Board for failing to comply with the disclosure requirements of the Pensions Act.
The trustees failed, in respect of two scheme years, to make the annual reports for the scheme available to the members and other specified persons and to notify the members of the information within a designated time frame.
A fine of e2000 and e400 in court costs was imposed by the court and awarded to the Board , which is responsible for ensuring Irish pension schemes meet their legislative obligations.
Pensions Board CEO, 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 enforces this where necessary.”
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