Friday 24 March 2017: The Pensions Authority issues its summary of 2016 regulatory activity and plans for 2017.
Commenting on the release, the Pensions Regulator, Brendan Kennedy said: “Trustees of occupational pension schemes and PRSA providers have responsibility for over €100 billion of pension savings. The objective of our supervision and support work is to improve as far as possible the outcomes for pension savers. 2016 was another very busy year for the Authority. The focus of our regulatory compliance work in 2016 was an increase in direct engagement with regulated entities. This work included reviews of scheme governance and administration practices of trustees of both defined benefit (DB) and defined contribution (DC) schemes.”
Misappropriation of pension assets or contributions remains at the top of the Authority's risk priorities. In 2016, 23 prosecutions were concluded where the Authority secured convictions in 12 cases. Defendants received the benefit of the Probatio
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