Pensions Act
3.Offences
_
3.-(1) – [(a) Where-
(i) a trustee in his capacity as trustee,
(ii) an employer,
(iii) a PRSA provider,
(iv) an actuary or auditor of a scheme or a PRSA [or an auditor of a trust RAC] in his capacity as such actuary orauditor,
(v) a person who is required under regulations made under section 5A to carry out any of the duties imposed upon trustees by this Act or by any regulations thereunder, in his capacity as such [a person,]
[(vi) a registered administrator, or
(vii) any other person,]
contravenes a provision of this Act or a regulation thereunder, he shall be guilty of an offence.
(b) Where a person of whom a requirement is made by the Pensions Ombudsman under subsection (1) or (2) of section 137 fails to comply with that requirement, he shall be guilty of an offence.]
[(c) In a prosecution for an offence under paragraph [(a)] it shall be a defence for the accused person to prove that the contravention to which the offence relates was attributable to:
(i) a contravention by one or more other persons of a provision of this Act or a regulation thereunder and that he took such reasonable steps (if any) in the circumstances as were open to him to secure the compliance of the person or persons aforesaid with the provision concerned, or
(ii) a failure by an actuary, auditor or other person to prepare a document which the accused person had instructed the actuary, auditor or other person to prepare and that the accused person took such reasonable steps (if any) in the circumstances as were open to him to secure the preparation of the said document by the actuary,auditor or other person aforesaid.]
[(d) The defence set out in paragraph (c) is not available to a registered administrator in respect of the failure by another person to perform any process, service, or activity outsourced to that person by the registered administrator.]
(2) Where in any report, certificate or other document required for the purposes of any provision of this Act or regulationsthereunder, a person makes a statement which is, to his knowledge, false or misleading in any material particular, he shall be guilty of an offence.
[(2A) Where an employee is dismissed from, an employment solely or mainly because, in good faith, the employee-
(a) notified the Board of an alleged breach of this Act, other than of Part VII,
(b) made to the Board a report under section 83 or a voluntary report of any matter concerning the state and conduct of a scheme[, trust RAC] or PRSA, other than a matter to which Part VII applies,
(c) made a reference under section 38, 53, 58[,64A or 81G],
(d) gave evidence in any proceedings under this Act, other than Part VII, or
(e) gave notice to his employer of his intention to do anything referred to in paragraph (a), (b), (c) or (d),
the employer shall be guilty of an offence..
(2B)
(a) On conviction of an employer for an offence under this section, the Court may, if it thinks fit and the dismissed employee is present or represented in court and consents.
(i) order the re-instatement by the employer of the dismissed person in the position which that person held immediately before the dismissal on the terms and conditions on which that person was employed immediately before that dismissal, together with a term that the re-instatement shall be deemed to have commenced on the day of the dismissal,
(ii) order the re-engagement by the employer of the dismissed person either in the position which that person held immediately before the dismissal or in a different position which would be reasonably suitable for that person on such terms and conditions as are reasonable having regard to all the circumstances, or
(iii) impose on the employer, in addition to any fine imposed under subsection (3), a fine not exceeding the amount which, in the opinion of the Court, the dismissed person would have received from the employer concerned by way of remuneration if the dismissal had not occurred:
Provided that that amount shall not exceed-
(I) if the conviction was a summary conviction, an amount which together with the fine imposed under subsection (3) does not exceed €3,500,
(II) if the conviction was on indictment, an amount equal to 104 weeks’ remuneration of the dismissed person.
(b) The amount of a fine imposed under paragraph (a) shall be paid to the employee concerned.
(c) Without prejudice to any right of appeal by any other person, the employee concerned may appeal against the amount of the fine under paragraph (a), either (as the case may be) to the High Court or to the judge of the Circuit Court in whose circuit the district court district (or any part thereof) of the judge of the District Court by whom the fine was imposed is situated, and the decision on such an appeal shall be final.
(d) Proof of the payment by an employer of a fine imposed under paragraph (a) shall be a defence to any civil action brought against him or application made under any enactment by the employee concerned in respect of the remuneration referred to in subparagraph (iii) of that paragraph.]
[(3) Subject to subsection (3A), a person guilty of an offence under subsection (1), (2) or (2A) shall be liable-
(a) on summary conviction to a fine not exceeding €5,000 or imprisonment for a term not exceeding one year, or to both, or
(b) on conviction on indictment to a fine not exceeding €25,000 or imprisonment for a term not exceeding 2 years, or to both.
(3A) A person guilty of an offence under this Act consisting of a contravention of subsection (1) or (2) of section 58A [or subsection (3) or (4) of section 121] shall be liable-
(a) on summary conviction to a fine not exceeding €5,000 or imprisonment for a term not exceeding one year, or to both, or
(b) on conviction on indictment to a fine not exceeding €25,000 or imprisonment for a term not exceeding 5 years, or to both.]
(4) Where an offence under this Act is committed by a body corporate and is proved to have been so committed with the consent or connivance of or to be attributable to any neglect on the part of any person, being a director, manager, secretary or other officer of the body corporate, or a person who was purporting to act in such capacity, that person shall, as well as the body corporate, be guilty of an offence and shall be liable to be proceeded against and punished as if he were guilty of the first-mentioned offence.
[(5) Proceedings for a summary offence-
(a) under any provision of this Act (other than subsection (1)(b)) may be brought and prosecuted by the Board,
(b) under subsection (1)(b) may be brought and prosecuted by the Pensions Ombudsman.]
[(6) Notwithstanding the provisions of section 10 (4) of the Petty Sessions (Ireland) Act, 1851, summary proceedings for an offence under this Act may be commenced-
(a) at any time within 2 years from the date on which the offence was committed, or
(b) at any time within 6 months from the date on which evidence sufficient in the opinion of the [Board or Pensions Ombudsman, as the case may be,] to justify initiating the proceedings, comes to the [Board’s or Pensions Ombudsman’s] knowledge, not being later than 5 years from the date on which the offence concerned was committed.]
[(7) A fine imposed under this section shall not be paid out of the resources of any scheme or trust RAC or out of the assets of any PRSA, as the case may be.]
[3A.
Notice by Board of intention to prosecute.
3A.-(1) Where the Board has reasonable grounds for believing that a person to whom section 3(1) or (4) or 18(5) applies has committed [an offence to which this section applies] and is liable to summary prosecution by the Board, the Board may give to the person a notice in writing in the prescribed form stating that-
(a) the person is alleged to have committed that offence,
(b) the person may during a period of 21 days beginning on the date of the notice-
(i) remedy as far as practicable to the satisfaction of the Board any default that constitutes the offence,
and
(ii) make to the Board a specified payment of a prescribed amount accompanied by the notice,
and
(c) a prosecution of the person to whom the notice is given in respect of the alleged offence will not be instituted during the period specified in the notice and, if the default is remedied to the satisfaction of the Board and the payment specified in the notice is made during that period, no prosecution in respect of the alleged offence will be instituted.
[(1A) This section applies to an offence under-
(a) section 3(1)(a) arising out of a contravention of any of the following provisions of this Act, namely sections 18(2)(c),25, 34, 43, 47, 55(1), (3), (4) or (5), 56(1) or (2A), 58A(3), 59(1B), (1C) or (2)(a)(iii) or (iv), [59(1)(ca),] 59C, 60,113(2) and 121(5),
(b) section 54(1) or (4), or
(c) regulations made under any of the provisions referred to in paragraphs (a) and (b) or regulations made under this Act relating to those provisions.]
(2) Where a notice is given under subsection (1)-
(a) the person to whom it applies may, during the period specified in the notice, make to the Board the payment specified in the notice, accompanied by the notice,
(b) the Board may receive the payment and issue a receipt for it, and any payment so received shall not in any circumstances be recoverable by the person who made it, and
(c) a prosecution in respect of the alleged offence shall not be instituted in the period specified in the notice and, if the default is remedied to the satisfaction of the Board and the payment specified in the notice is made during that period, no prosecution in respect of the alleged offence shall be instituted.
(3) In a prosecution for an offence to which this section applies, the onus of showing that a payment pursuant to a notice under this section has been made shall lie on the defendant.
(4) All payments made to the Board under this section shall be paid into or disposed of for the benefit of the Exchequer in the manner that the Minister for Finance may direct.
(5)
(a) A notice under subsection (1) may be given to the person to whom it applies-
(i) by delivering it to the person, or
(ii) by leaving it at the address at which the person ordinarily resides or, in a case in which an address for service has been provided, at that address, or
(iii) by sending it by post in a prepaid letter addressed to the person at the address at which the person ordinarily resides or, in a case in which an address for service has been provided, to that address.
(b) Where a notice is to be given to a person who is the owner or occupier of land and the name of the person cannot be ascertained by reasonable inquiry, it may be addressed to the person by using the words ‘the owner’ or, where appropriate, ‘the occupier’.
(c) For the purposes of this section, a company within the meaning of the Companies Acts 1963 to 2005 shall be deemed to be ordinarily resident at its registered office, and every other body corporate and every unincorporated body shall be deemed to be ordinarily resident at its principal office or place of business.
(6) Any amount prescribed for the purposes of subsection (1)(b)(ii) shall not in any case exceed the maximum fine which may be imposed on summary conviction for the offence concerned.]
[(7) Payments made to the Board under this section shall not be paid out of the resources of any scheme or trust RAC or out of the assets of any PRSA, as the case may be.]
[(8) This section does not apply to a registered administrator.]
[3B.
Prosecutions.
3B.-(1) Every document purporting to be a copy of, or extract from, any document kept by the Board and purporting to be certified by an officer of the Board authorised in that behalf by the Board, whose official position it shall not be necessary to prove, to be a true copy of, or extract from, that document shall, without proof of the signature of that officer, unless the contrary is proved, be admissible in evidence in all legal proceedings as of equal validity with the original document.
(2) In any legal proceedings (including proceedings relating to an offence) a certificate signed by an officer of the Board authorisedin that behalf, whose official position it shall not be necessary to [prove,] is, without proof of that officer’s [signature,] admissible, unless the contrary is proved-
(a) if it certifies that the officer has examined the relevant records and that it appears from those records that a specifiednotice was given or sent to a stated person at, or left at, the address and on the date stated therein, as evidence that the notice was given or sent to that person at, or left at, that address on that date,
(b) if it certifies that the officer has examined the relevant records and that it appears from those records that a specifiednotice was given or sent to a stated person, or left at the address and on the date stated therein, as evidence that the notice was received by that person at that address [by a date] 3 days after the date on which the document was given or sent to the person at, or left at, that address,
(c) if it certifies a document as a copy of the registration details of a scheme [or trust RAC] with the Board by the trustees of that scheme [or trust RAC] in accordance with section 60, as evidence of the registration,
(d) if it certifies that the officer has examined the relevant records and that it appears from those records that during a specified period a document or any other thing was not received from a specified person, as evidence that the person did not during that period provide that document or thing and that the document or thing was not received by the Board, or
(e) if it certifies a document to be a copy of an authorisation by the Board under section 16, authorising the delegation of functions to the chief executive or a member of staff of the Board, including but not limited to the function of instituting proceedings on behalf of the Board, as evidence that the functions are so delegated.
(3) In this section-
‘officer of the Board’ means a member of the Board, the chief executive or member of staff of the Board;
‘notice’ means any request, notice or other document.]
[3C.
Admissibility of certain documents in proceedings for an offence.
(1) In proceedings for an offence under this Act consisting of a contravention of subsection (1) or (2) of section 58A [or subsection (3) or (4) of section 121]-
(a) a payroll document, or a document that purports to be a payroll document, shall be admissible as evidence of the matters specified in the document,
(b) a document (other than a payroll document) prepared or kept in the ordinary course of business, or that purports to have been prepared or kept in the ordinary course of business, by a person who had, or may reasonably be considered to have had, personal knowledge of the matters specified in the document shall be admissible as evidence of the matters specified in the document, and
(c) a document that purports to be a reproduction in legible form of a document to which paragraph (a) or (b) applies stored in non-legible form shall be admissible as evidence of the matters specified therein, if the court before which the proceedings have been brought is satisfied that it was reproduced in the course of the normal operation of the reproduction system concerned.
(2) Subsection (1)(b) and subsection (1)(c) (in so far as it relates to a document to which subsection (1)(b) applies) shall not apply to a document-
(a) containing information that is privileged from disclosure in proceedings for an offence,
(b) prepared for the purposes, or in contemplation, of-
(i) the investigation of any offence,
(ii) an investigation or inquiry carried out pursuant to or under any enactment,
(iii) any proceedings whether civil or criminal, or
(iv) proceedings of a disciplinary nature, or
(c) prepared after the alleged commission of the offence concerned.
(3) Nothing in this section shall operate to render inadmissible in proceedings for an offence any document as evidence of any matter specified therein, that is so admissible by virtue of any rule of law or enactment other than this Act.
(4) In this section-
‘business’ includes any trade, profession or other occupation carried on-
(a) for reward or otherwise, and
(b) either in the State or outside the State;
‘payroll document’ means a payslip, payroll ledger, book of account or other document prepared or kept by or on behalf of an employer in respect of one or more than one of his or her employees that contains a record of payments or deductions made by, or on behalf of, that employer in respect of the employee or employees concerned.]
Part I Preliminary and General
[3D. Presumptions in proceedings for an offence.
3D.-
(1) In proceedings for an offence under this Act consisting of a contravention of subsection (1) or (2) of section 58A [or subsection (3) or (4) of section 121], it shall be presumed, unless the contrary is shown, that a payroll document referred to in section 3Cfound on the premises of any employer relates to an employee of that employer.
(2) Where a document is retrieved from an electronic storage and retrieval system, it shall be presumed, unless the contrary is shown, that the person who ordinarily uses that system is the author of the document.]
Information
Part I Preliminary and General
4.-[(1) Notwithstanding anything contained in any enactment-
(a) information held by the Board or the Pensions Ombudsman for the purposes of this Act may be transferred by the Board or the Pensions Ombudsman, as the case may be, to the Revenue Commissioners, and
(b) information held by the Revenue Commissioners for the purposes of Chapters 1, 2 and 2A of Part 30 of the Taxes Consolidation Act 1997, relating to occupational pension schemes, trust RACs and PRSAs may be transferred by the Revenue Commissioners to the Board or to the Pensions Ombudsman.]
(2) The Board and every other supervisory authority established in the State may exchange among themselves all information which is necessary to enable the Board and each such authority to perform effectively their respective functions of a supervisory nature.
(3) The Board may disclose information relating to occupational pension schemes[, trust Retirement Annuity Contracts] and Personal Retirement Savings Accounts to a supervisory authority established outside the State for the purpose of enabling or assisting the performance by that authority of functions corresponding to those of the Board under this Act.]
18.
Authorised persons
18.-[(1) The Board may authorise in writing such and so many persons as it considers necessary to be authorised persons to inspect or investigate [on its behalf-
(a) the state and conduct of a scheme or trust RAC,
(b) the state of a PRSA product, or
(c) the activities of a registered administrator in that capacity.]
[(2) The Board or an authorised officer may, by notice in writing-
(a) in relation to a scheme or trust RAC, require the employer concerned or the trustees or the registered administrator of the scheme or trust RAC,
(b) in relation to a PRSA provider, require the officers and employees of the PRSA provider in respect of its PRSA activities,
(c) in relation to an employer, require him in relation to his obligations under section 121, and
(d) in relation to a registered administrator, require him,
to furnish it, within such reasonable period as is specified in the notice, with such information and explanations and such books of account and other documents in relation to the scheme, the trust RAC, the PRSA products provided by the PRSA provider or the activities of the registered administrator in that capacity, as the case may be, as are so specified.]
[(3) An authorised person shall be furnished with a certificate of his appointment as an authorised person and when exercising any power conferred on him by this section as an authorised person shall, if requested by a person affected, produce the certificate or a copy thereof to the person.
(3A) An authorised person, for the purpose of obtaining any information which may be required by the Board in relation to [a scheme, a trust RAC, a PRSA product or the activities of a registered administrator in that capacity], may-
(a) at all reasonable times enter the premises of any employer, trustee [registered administrator,] [PRSA provider] oragent, as the case may be,
(b) make such examination or inquiry as may be necessary to determine whether the provisions of this Act are being or have been complied with,
(c) inspect and take copies of or extracts from any records (including in the case of information in a non-legible form a copy of an extract from such information in permanent legible form) relating to [the scheme, the trust RAC, the PRSAproduct or the activities of the registered administrator in that capacity,]
(d) remove and retain any books of account and other documents and other records in relation to [the scheme, the trust RAC, the activities of the PRSA provider as such a provider or the activities of the registered administrator in that capacity] for a reasonable period for their further examination or for the purpose of any legal proceedings, and
(e) require any person by or on whose behalf data equipment is or has been used or any person having charge of, or otherwise concerned with the operation of, the data equipment or any associated apparatus or material, to afford him all reasonable assistance in relation thereto.]
(4) The duty to produce or provide any information, document, material or explanation shall extend to any person being an officer or employee [of the employer, of the PRSA provider in relation to its activities as such a provider, of the registered administrator in relation to its activities in that capacity, of a trustee or of an agent,] as the case may be, or [who] appears tothe Board or the authorised person to have that information, document, material or explanation in his possession or under his control.
[(4A) An authorised person shall not, other than with the consent of the occupier, enter a private dwelling unless he has obtained a warrant from the District Court under subsection (4D) authorising such entry.
(4B) Where an authorised person in the exercise of his powers under this section is prevented from entering any premises an application may be made under subsection (4D) authorising such entry.
(4C) An authorised person, where he considers it necessary, may be accompanied by a member of the Garda Síochána when performing any powers conferred on an authorised person by this Act.
(4D) If a judge of the District Court is satisfied on the sworn information of an authorised person that there are reasonable grounds for suspecting that there is information required by an authorised person under this section held on any premises or any part of any premises, the judge may issue a warrant authorising an authorised person, accompanied by other authorised persons, at any time or times within one month from the date of issue of the warrant, on production if so requested of the warrant, to enter the premises and exercise all or any of the powers conferred on an authorised person under this section.]
[(5) A person who-
(a) wilfully obstructs an authorised person in the exercise of his powers under this section, or
(b) refuses or fails without reasonable excuse to produce to the authorised person or to the Board any information, document, material or explanation when required to do so under this section, or
(c) refuses or fails without reasonable excuse to answer any questions put to him by the authorised person or by the Board with respect to-
(i) the affairs of the scheme or trust RAC, or
(ii) the activities of the PRSA provider as such a provider or of the registered administrator in that capacity,
commits an offence punishable-
(I) on summary conviction by a fine not exceeding €5,000 or imprisonment for a term not exceeding one year, or both,
(II) on conviction on indictment by a fine not exceeding €25,000 or imprisonment for a term not exceeding 2 years, or both.
(6) In this section ‘agent’ includes-
(a) in relation to a scheme, a trust RAC or a PRSA provider-
(i) the actuaries, administrators, registered administrators, auditors and other accountants, and
(ii) the financial and other advisers, to the scheme, trust RAC or PRSA provider,
(b) in relation to a registered administrator-
(i) the auditors and other accountants, and the financial and other advisers, to the registered administrator, and
(ii) any person with whom the registered administrator has an outsourcing arrangement, and
(c) in relation to an employer- the auditors and other accountants, and the financial and other advisers, to the employer.
(7) A reference in this section to an officer, employee or agent of an employer, scheme, trust RAC, registered administrator orPRSA provider includes a reference to a person who has been, but no longer is, an officer, employee or agent (as the case may be) of the employer, scheme, trust RAC, registered administrator or PRSA provider.]
[(8) The Board may prepare or cause to have prepared one or more reports on any investigation carried out under this section and may make a copy of any such report available to any person whom the Board considers appropriate.
(9) For the purposes of the law of defamation, the publication by the Board of any report prepared under this section shall be absolutely privileged.]
An authorized person authorized under section 18(1) of the Principal Act and holding office immediately before the passing of this Act shall continue in office as if authorized under the said subsection (1) inserted by this section.
[(10) A fine imposed under this section shall not be paid out of the resources of any scheme or trust RAC or out of the assets of anyPRSA, as the case may be.]
ensions Act, 1990
Compulsory and voluntary reporting to the Board
82.
Definition
(Part VIII).
82 In this Part ‘”relevant person” means, [in relation to a scheme, trust RAC or PRSA,] a person who-
(a) is an auditor of the scheme [or trust RAC], or
(b) is an actuary of the scheme [or trust RAC], or
(c) is a trustee of the scheme [or trust RAC], or
[(ca) is an administrator, investment manager or custodian of the PRSA, or
(cb) is a registered administrator, or]
(d) is an insurance intermediary (within the meaning of section 2 of [the Investment Intermediaries Act, 1995]), in relation to the scheme [ortrust RAC], or
(e) is an investment business firm (within the meaning of section 2, of the Investment Intermediaries Act, 1995), and-
(i) has advised on the scheme[, trust RAC] [or PRSA], or
(ii) has received any payment in relation to the investment of any of the resources of the scheme[, trust RAC] [or PRSA], or
(f) has been instructed to prepare, or who has prepared, an annual report of the scheme [or trust RAC] in accordance with section 55, or
(g) has been appointed by the trustees of the scheme [or trust RAC], to carry out, or who is carrying out, any of the duties of the trustees of the [scheme [or trust RAC] under section 59, or]]
[(h) is the PRSA provider, or
(i) is a PRSA actuary, or
(j) is an auditor of the business of a PRSA provider, or
(k) is an employee of an employer referred to in section 121.]
83.
Obligation to disclose misappropriation, etc, of resources of schemes to Board
83-(1) Subject to subsection (2), where a relevant person has reasonable cause to believe that a material misappropriation or a fraudulent conversion of the resources of a scheme[, trust RAC] [or PRSA] [in relation to] to which he is a relevant person has occurred, is occurring or is to be attempted, that person shall, as soon as practicable, give to the Board a report in writing of the particulars of the misappropriation or conversion, as the case may be.
[(2) Subsection (1) does not apply to any belief formed as a result of information obtained-
(a) in the case of a scheme, before [2 July 1996],
[(aa) in the case of a PRSA, before 7 November 2002,]
(b) in the case of a trust RAC, before [27 April 2007,]]
[(c) by a registered administrator before the commencement of section 27 of the Social Welfare and Pensions Act 2008.]
[(2A) Where a relevant person referred to in paragraph (i) or (j) of section 82 has reason to believe that a PRSA provider has carried on activities in relation to PRSA products referred to in Part X otherwise than in accordance with that Part, that person shall, as soon as is practicable, give tothe Board a report in writing of the particulars of such activities.
[(2B) Where a relevant person referred to in section 82(j) has reason to believe that a PRSA provider has not operated a custodian account in accordance with the requirements of Part X that person shall, as soon as practicable, report the matter in writing to the Board.]
(2C) Where a relevant person referred to in paragraph (h), (i) or (j) of section 82 has reason to believe that an employer has failed or is failing to comply with the provisions of section 121, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such failure.
(2D) Where a relevant person referred to in section 82(h) knows that an employer has failed to remit one or more contributions on behalf of that employer’s employees to the relevant person, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such failure and shall also inform the relevant PRSA contributor or contributors of the failure.
(2E) Any relevant person may of his own volition report to the Board in relation to the operation and performance of any PRSA product to which he is arelevant person and the Minister may, by regulations, prescribe the format of such a report and the conditions subject to which it may be made.
(2F) Every relevant person shall, at such intervals and subject to such conditions as may be prescribed, make reports to the Board in the prescribed format in respect of any PRSA for which he bears any responsibility.
(2G) Where a relevant person referred to in section 82(k) has reason to believe that his employer has failed or is failing to comply with the provisions of section 121, that person may of his own volition report such failure to the Board.]
(3) A relevant person shall be guilty of an offence if the person-
(a) fails to comply with [subsection (1), (2A), (2B), (2C), (2D) or (2F)], or
(b) knowingly or wilfully makes a report under [subsection (1), (2A), (2B), (2C), (2D) or (2F)] which is incorrect.
(4) Where a relevant person is found guilty of an offence under this section the person shall be liable-
(a) on summary conviction to a fine not exceeding [€5,000] or to imprisonment for a term not exceeding one year, or to both,
(b) on conviction on indictment to a fine not exceeding [€25,000] or to imprisonment for a term not exceeding two years, or to both.
(5) In a prosecution for an offence under subsection (3) it shall be a defence for the accused to show that the contravention to which the offence relates was attributable to another person failing to comply with subsection (1) and that the accused took such reasonable steps in the circumstances as were open to him to secure the compliance of that other person with that subsection.
(6) In a prosecution for an offence under subsection (3) in relation to a failure to comply with subsection (1) it shall be a defence for the accused to show that he was, in the ordinary scope of professional engagement as a barrister or solicitor, assisting or advising in the preparation of legal proceedings and would not have had reasonable cause to believe that a material misappropriation or a fraudulent conversion of the resources of the scheme[, trust RAC] [or PRSA] had taken place if he had not been so assisting or advising.]
[(7) A fine imposed under this section shall not be paid out of the resources of any scheme or trust RAC or out of the assets of any PRSA, as the case may be.]
84.
Protection of person making report to Board
84. Where a person makes a report, whether in writing or otherwise, in good faith to the Board of any matter concerning the state and conduct of ascheme [or trust RAC] [or the state of a PRSA], whether or not that person is a relevant person and whether or not the report is required to be made under [section 83], no duty to which the person may be subject shall be regarded as contravened and no liability or action shall lie against the person in any court for so doing.]
85.
Privilege for Board publishing reports made to it under section 83, etc
85. For the purposes of the law of defamation, the publication by the Board of any report made to it-
(a) under [section 83], or
(b) otherwise of any matter concerning the state and conduct of a scheme [or trust RAC] [or the state of a PRSA],
shall be absolutely privileged.]
