IRELAND - The Pensions Board has prosecuted a trustee board for failing to submit an actuarial funding certificate.
The trustees of Rice Steele Manufacturing, represented in court by company director Anthony McConville, pleaded guilty for failing to submit to the Pensions Board an actuarial funding certificate on or before 1 October 2009 as required under the Pensions Act.
They were convicted under section 3(1)(a)(i) and section 43(2) of the Act and the company fined €3,850 ($5,371).
The judge hearing the case said the trustees could not blame the service provider and argued that ensuring such certificates were provided was ultimately their responsibility.
Pensions Board chief executive Brendan Kennedy said: "Actuarial funding certificates are important because they provide vital disclosure information of how well the pension scheme meets the funding standard. Failure to submit an actuarial funding certificate is an offence and the Board has a responsibility to enforce this requirement. We regard non-compliance as a serious matter."
Earlier this week the Pensions Board prosecuted a company director for failing to pay his employee's pension contributions into an industry pension scheme. (Global Pensions: 18 October 2010)
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