Employer fined €5,000 as Pensions Board prosecutes over failure to meet pension obligations

Tuesday 14 October 2008: The Pensions Board successfully prosecuted Boardside Ltd trading as Slattery’s with an address at College House, 71-73 Rock Road, Blackrock, Co. Dublin for failure to comply with the Pensions Board requests for information in relation to their PRSA obligations as an employer.

The case was heard in front of Judge McHugh in Court 49, Dublin District Court, Dolphin House, Dublin 2. Judge McHugh fined the company €5,000 (which is the maximum fine possible for such an offence) with six months to pay and ordered it to pay Pensions Board costs in the sum of €1695.

The Pensions Board, as part of its regulatory role, supervises the activities of PRSA providers in relation to their approved products and monitors employers’ compliance with the legislation regarding PRSAs.

Commenting on the prosecution, the Chief Executive of the Pensions Board, Brendan Kennedy, said: “The Pensions Board treats failure to respond to a request for information by the Board very seriously. It is an offence not to respond to the Board in relation to employers PRSA obligations. The Board has a responsibility to enforce this requirement and regards non-compliance as a serious matter.”

Please see Fact Sheet below.

-ENDS-

For further information:
David Malone or Andrew Nugent
Information Services
The Pensions Board Tel (01) 613 1900

Jackie Gallagher
Q4 Public Relations Tel (01) 475 1444/ 087- 2371838

Fact Sheet

The case was heard by Judge McHugh in Dublin District Court, Court 49, Dolphin House, East Essex Street, Dublin 2 on 14 October 2008.

1. Boardside Limited T/A Slattery’s with an address at College House, 71-73 Rock Road, Blackrock, Co. Dublin , being an employer within the meaning of section 2 of the Pensions Act 1990 as amended (‘the Act’) failed to comply with the Pensions Board’s request, made by notice in writing to furnish the Pensions Board with information relating to matters described in section 18(2) of the Act and in particular:-

a. The names of all occupational pensions schemes established for the benefit of the employees of Boardside Limited, if any, the Pensions Board reference number in respect of each such scheme and the criteria for membership of each such scheme; and/or

b. A copy of the contract entered into by Boardside Limited with a PRSA provider, if any, and a copy of the notification issued to employees in accordance with Section 121(2)(a) of the Pension Act 1990, as amended, informing them of their right to contribute to a standard PRSA; or

c. Confirmation of what action has been or is to be taken to fulfil the requirements of the Act in relation to “excluded employees”

Notes

About the Pensions Board - www.pensionsboard.ie

The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development.

“Excluded employees” are:

  • employees of an employer who does not offer an occupational pension scheme
  • employees who are included in an occupational pension scheme for death in service benefits only
  • employees who are included in an occupational pension scheme that does not permit the payment of additional voluntary contributions (AVCs) and
  • employees who are ineligible to join the employer’s occupational pension scheme and who will not, under the rules of the scheme, become eligible to join the scheme for pension benefits within 6 months from the date they commenced employment.
 
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  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
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  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
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