The Institute of Chartered Accountants in Ireland
Role of The Pensions Board and Trustees
Duties Under the Pensions Act
Mary Hutch
Head of Information & Training
The Pensions Board
24 January 2007
PENSIONS ACT, 1990
 Part I – Preliminary and General
 Part II – Establishment of Pensions Board
 Part III – Preservation of Benefits
 Part IV – Funding Standard
 Part V – Disclosure of Information
 Part VI – Trustees of Schemes
*1 Part VII – Equal Treatment
*1 Equal Pension Treatment introduced by Social
Welfare Act, 2004
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PENSIONS ACT, 1990
*2 Part VIII– Compulsory and Voluntary
Reporting to the Pensions Board
*2 Part IX – Miscellaneous Applications to the
High Court
*2 Introduced by the Pensions (Amendment) Act, 1996
*3 Part X – Personal Retirement Savings
Accounts (PRSAs)
*3 Part XI – Pensions Ombudsman
*4 Part XII – Cross Border Schemes
*3 Introduced by the Pensions (Amendment) Act,2002
*4 Introduced by the Social Welfare and Pensions Act,2005
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PENSIONS ACT - PART II
Functions of Pension Board
 To monitor and supervise operation of Act, including
activities of PRSA providers, provision and operation of
PRSAs
 Issue guidelines to trustees on duties and responsibilities
and codes of practice on specific duties
 Issue guidelines/ guidance notes on duties and
responsibilities of PRSA providers in relation to PRSA
products
 Encourage training for trustees
 Advise Minister on standards for trustees and on their
implementation
 Issue guidelines for scheme administrators on
requirements of Act
 Provide information to members on their rights under
the Act
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PENSIONS ACT - PART II
Investigate complaints and, if necessary, take
Court proceedings for breach of Act
Register schemes and PRSAs and collect fees
due
Advise Minister for Social and Family Affairs on
operation of Act and pensions matters generally
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PENSIONS ACT – PART VI
Trustees of Schemes
 Section 59(1) General duties of trustees
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Ensure contributions received – time limits
Invest in accordance with rules subject to Regulations
Pay benefits
Keep records – membership and financial
Wind-up without delay
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PART VI
Trustee Qualification Requirements
 S59 A(1) – addresses aspect of good repute
 Person shall not act as trustee if: undischarged bankrupt / composition with creditors (and is
not discharged)
 convicted of fraud / dishonesty
 trustee is a company and director is prohibited under this
section
 Person subject of declaration under S.150 Companies Act
1990 (restriction)
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PART VI
Trustee Qualification Requirements
 S59 A(2) requires Regulations to be made providing that:
 Trustees must possess (or employ or contract with advisers who
do possess) qualifications and experience prescribed in those
regulations, and
 Specifying circumstances in which trustees will be regarded as
possessing the specified qualifications and experience
 “Qualifications and experience” are those appropriate and relevant to
investment of resources of scheme
 Enter in to contract with one/more investment managers to
provide investment service
 Trustees themselves have such qualifications and experience
 Employ an adviser with qualifications and experience
 If one trustee meets requirements – all satisfy
 Regulations only refer to need for investment qualifications
 Act and other Regulations already require appropriate
professional qualifications for other aspects of running a
scheme
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PART VI
Trustee Qualification Requirements
 S59 A(3) gives Board power to determine if trustee or
person proposing to act as trustee satisfies
requirements
 Determination must be notified to trustee/person
- effective 21 days after date
- removes trustee who does not satisfy requirements
 Appeal to High Court
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Further Information
Lo-Call 1890 65 65 65
Trustee Handbook and Codes of Practice
Guidance Notes
Guidelines
FAQs
Information Booklets
Bulletins
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