Pensions Authority
Pensions Act
Establishment of Board
9.-(1) On the establishment day there shall stand established a body to be known as An Bord Pinsean – The Pensions Board, and in this Act referred to as “the Board, to perform the functions conferred on it by this Act.
(2) The provisions of the First Schedule shall have effect with respect to the Board.
9A.
Change of name of Pensions Board and chief executive.
(1) The name of the Pensions Board is changed, and on and after the commencement of section 26 of the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013 it shall be known, in the English language, as the Pensions Authority or, in the Irish language, as An tÚdarás Pinsean.
(2) References in this Act or in any other enactment to the Pensions Board shall, on and after the commencement of section 26 of the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013, be construed as references to the Pensions Authority.
(3) The position, heretofore known as the chief executive of the Pensions Board shall, on and after the commencement of section 26 of the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013, be known as the Pensions Regulator.
(4) References in this Act or in any other enactment to the chief executive of the Pensions Board shall, on and after the commencement of section 26 of the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013, be construed as references to the Pensions Regulator.
(5) In this section, ‘enactment’ has the same meaning as it has in the Interpretation Act 2005.
Part II
Establishment of Pensions Board
10.-(1) The functions of the Board shall be-
[(a) to monitor and supervise the operation of this Act and pension developments generally, including the activities of PRSAproviders as such providers, the provision of PRSA products and the operation of Personal Retirement Savings Accounts;]
(b) to advise the Minister either at his request or on its own initiative on all matters relating to the functions assigned tothe Board under this Act and on matters relating to pensions generally;
[(c)
(i) issue guidelines or guidance notes on the duties and responsibilities of trustees of schemes [and trust RACs] and codes of practice on specific aspects of their responsibilities; and
(ii) issue guidelines or guidance notes on the duties and responsibilities of PRSA providers in relation to PRSAproducts and with respect to such products;]
[(cc) to issue guidelines or guidance notes generally on the operation of this Act [and on the provisions of the Family Law Act 1995, the Family Law (Divorce) Act 1996 and the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, relating to pension schemes (within the meaning of section 2 of the Family Law Act 1995, section 2 of the Family Law (Divorce) Act 1996 and section 109 and 187 of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010)];]
(d) to encourage the provision of appropriate training facilities for trustees of schemes [and trust RACs];
[(e) to advise the Minister on all matters arising in relation to this Act and, in particular, on standards for trustees of schemes [and trust RACs] and on their implementation;]
(f) to publish an annual report and such other reports as it may from time to time consider necessary;
[(fa) to perform the functions conferred on the Board by this Act;]
(g) to perform such tasks as the Minister may from time to time request.
(2) The Board shall have such powers as are necessary for or incidental to the performance of its functions.
11.
Conferral of additional functions on Board
11.-(1) The Minister may, with the consent of the Minister for Finance, by order-
(a) confer on the Board such additional functions connected with the functions for the time being of the Board as he considers appropriate, and
(b) make such provision as he considers necessary or expedient in relation to matters ancillary to or arising out of the conferral on the Board of functions so conferred.
(2) The Minister may by order amend or revoke an order under this section (including an order under this subsection).
(3) Every order made by the Minister under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which the House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
12.
Consultants and advisers
12. Subject to the prior approval of the Minister, the Board may from time to time engage such consultants or advisers as it may consider necessary for the performance of its functions, and any fees due to a consultant or adviser engaged under this section shall be paid by the Board out of moneys at its disposal.
14.
Committees of Board
14.-(1) The Board may establish committees to assist and advise it in relation to the performance of any of its functions.
(2) The members of a committee established under this section shall be appointed by the Board.
(3) A committee established under this section may include persons who are not members of the Board.
(4) A member of a committee established under this section may be removed from office at any time by the Board.
(5) The Board may at any time dissolve a committee established under this section.
(6) The Board may appoint a person to be chairman of a committee established under this section.
(7) There may be paid out of the income of the Board to members of a committee established under this section such allowances for expenses incurred by them as the Board may, with the consent of the Minister and the Minister for Finance, determine.
15.
Chief executive
15.-(1) There shall be a chief officer of the Board who shall be known, and is referred to in this Act, as the chief executive.
(2) The chief executive shall be appointed, and may be removed from office at any time, by the Board with the consent of the Minister.
(3) The chief executive shall not be a member of the Board.
[(3A) The Pensions Regulator shall be a member of the Pensions Council.]
(4) The chief executive shall carry on and manage and control generally the administration and business of the Board and perform such other functions as may be determined by the Board.
(5) The chief executive shall devote the whole of his time to his duties as chief executive and shall not hold any other office or position without the consent of the Board.
(6) The chief executive shall hold office on and subject to such terms and conditions (including terms and conditions relating to remuneration) as may be approved of by the Minister with the consent of the Minister for Finance.
(7) The chief executive shall be paid, out of moneys at the disposal of the Board, such allowances for expenses incurred by him in the performance of his functions as may be determined by the Minister with the consent of the Minister for Finance.
(8) The chief executive may make proposals to the Board on any matter relating to its activities.
16.
Staff of Board
16.-(1) The Board may appoint such, and such number of, persons to be members of the staff of the Board as it may determine with the consent of the Minister and the Minister for Finance.
(2) (a) A member of the staff of the Board shall hold his office or employment on such terms and conditions (including terms and conditions relating to remuneration and superannuation) as the Board may, with the consent of the Minister and the Minister for Finance, determine.
(b) A member of the staff of the Board referred to in paragraph (a) shall be paid, out of the moneys at the disposal of the Board, such remuneration and allowances for expenses incurred by him as the Board may, with the consent of the Minister and the Minister for Finance, determine.
(c) The Board may, with the consent of the Minister, at any time remove any officer or servant of the Board from being its officer or servant.
(3) The grades of the staff of the Board, and the number of staff in each grade, shall be determined by the Board with the consent of the Minister and the Minister for Finance.
(4) The Board may perform any of its functions through or by the chief executive or any other member of its staff duly authorisedby the Board in that behalf.
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.]
19.
Membership of House of Oireachtas or of European Parliament by members or staff of Board
19.-(1) Where a member of the Board is-
(a) nominated as a member of Seanad Éireann, or
(b) elected as a member of either House of the Oireachtas or as a representative in the European Parliament, or
(c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984) of the European Assembly Elections Act, 1977, as having been elected to the European Parliament to fill a vacancy,
he shall thereupon cease to be a member of the Board.
(2) Where a person who is a member of the staff of the Board is-
(a) nominated as a member of Seanad Éireann, or
(b) elected as a member of either House of the Oireachtas or as a representative in the European Parliament, or
(c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984) of the European Assembly Elections Act, 1977 as having been elected to the European Parliament to fill a vacancy,
he shall thereupon stand seconded from employment by the Board and shall not be paid by, or be entitled to receive from, the Board any remuneration or allowances in respect of the period commencing on such nomination or election or when he is so regarded as having been elected, as the case may be, and ending when he ceases to be a member of either such House or a representative in such Parliament.
(3) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein or is a representative in the European Parliament shall, while he is so entitled or is such a representative, be disqualified from becoming a member of the Board or the staff of the Board.
(4) Without prejudice to the generality of subsection (2), that subsection shall be construed as prohibiting, inter alia, the reckoning of a period mentioned in that subsection as service with the Board for the purposes of any superannuation benefits.
21.
Disclosure by member of Board of interest in proposed contract
21. A member of the Board who has-
(a) any material or financial interest in any body corporate with which the Board proposes to make any contract, or
(b) any material or financial interest in any contract which the Board proposes to make,
shall disclose to the Board the fact of that interest and the nature thereof, and shall take no part in any deliberation or decision of the Board relating to the contract, and the disclosure shall be recorded in the minutes of the Board.
22.
Accounts and audits of Board
22.-(1) The Board shall keep in such form as may be approved of by the Minister with the concurrence of the Minister for Finance all proper and usual accounts of all moneys received or expended by the Board including an income and expenditure account and balance sheet and, in particular, shall keep all such special accounts as the Minister may from time to time direct.
(2) Accounts kept in pursuance of this section shall be submitted as soon as may be after the end of the financial year of the Boardto which they relate to the Comptroller and Auditor General for audit and a copy of the income and expenditure account and of the balance sheet and of such other (if any) of its accounts as the Minister may direct and a copy of the Comptroller and Auditor General’s report on the account shall be presented to the Minister as soon as may be and the Minister shall cause copies of each of the documents aforesaid to be laid before each House of the Oireachtas.
[22A.
Attendance before Committee of Public Accounts.
22A.
(1) The chief executive shall, whenever he is required to do so by the Committee of Da´ilE´ ireann established under the Standing Orders of Da´ ilE´ ireann to examine and report to Da´ ilE´ ireann on the appropriation accounts and reports of the Comptroller and Auditor General, give evidence to that Committee on-
(a) the regularity and propriety of the transactions recorded or required to be recorded in any book or other record of account subject to audit by the Comptroller and Auditor General which the Board or the chief executive is required to prepare under this Act,
(b) the economy and efficiency of the Board in the use of its resources,
(c) the systems, procedures and practices employed by the Board for the purpose of evaluating the effectiveness of its operations, and
(d) any matter affecting the Board referred to in a special report of the Comptroller and Auditor General under section 11(2) of the Comptroller and Auditor General (Amendment) Act 1993 or in any other report of the Comptroller and Auditor General (in so far as it relates to a matter specified in paragraph (a), (b) or (c)) that is laid before Da´il E´ireann.
(2) In the performance of his duties under subsection (1), the chief executive shall not question or express an opinion on the merits of any policy of the Government or a Minister of the Government or on the merits of the objectives of such a policy.]
23.
Reports and information to Minister
23.-(1) The Board shall furnish to the Minister such information regarding its income and expenditure as he may from time to time require.
(2) As soon as may be after the end of each financial year of the Board, but not later than 6 months thereafter, the Board shall make a report to the Minister of its activities during that year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas.
(3) Each report under subsection (2) shall include information in such form and regarding such matters as the Minister may direct.
(4) The Board shall, whenever so requested by the Minister, furnish to him information in relation to such matters as he may specify concerning or relating to the scope of its activities generally, or in respect of any account prepared by the Board or any report specified in subsection (2) or (4) or section 22 (2) or the policy and activities, other than day to day activities, ofthe Board.
26.
Provision in relation to determinations by Board under sections 38, 53, 58 and 75
(a) A question falling to be determined by the Board under section 38, 53, 58, [59A], [64A] or [81G] shall be determined by it either, in its absolute discretion, without or after an oral hearing by the Board (or such member or members of the Board or other person or persons as the Board may authorise for that purpose).
(b) Any person concerned may make representations to the Board in relation to such a question as aforesaid and in reaching its determination the Board shall take account of any such representations.
(2) Representations under subsection (1) shall be made in writing or, if an oral hearing is being held under subsection (1) in relation to the question concerned, at the [hearing:]
[Provided that representations at an oral hearing shall be made in accordance with any procedure prescribed under subsection (6).]
(3) The person or persons holding an oral hearing under this section shall have power to take evidence on oath and for that purpose any of the persons aforesaid may administer oaths to persons attending as witnesses at the hearing.
(4)
(a) The person or any of the persons holding an oral hearing under this section may, by giving notice in that behalf in writing to a person, require the person to attend on such day and at such time and place as is specified in the notice to give evidence at the hearing in relation to the question to be determined by the Board or to produce at the hearing any documents in his possession, custody or control relating to any such question [or to do both.]
(b) A notice under paragraph (a) may be given either by delivering it to the person to whom it relates or by sending it by post in a prepaid registered letter addressed to the person at the address at which he ordinarily resides.
(c) A person to whom a notice under paragraph (a) has been given and who refuses to give evidence or gives false evidence at an oral hearing under this section or refuses or wilfully fails to produce any document to which the notice relates at such a hearing shall be guilty of an offence and shall be liable-
(i) on summary conviction, to a fine not exceeding [€5,000] or to imprisonment for a term not exceeding one year, or to both,
(ii) on conviction on indictment, to a fine not exceeding [€25,000] or to imprisonment for a term not exceeding 2 years, or to both.
[(d) A fine imposed under this section shall not be paid out of the resources of any scheme or trust RAC, as the case may be.]
(5) The person or persons holding an oral hearing under this section may order a person concerned to pay to any other person concerned a reasonable sum in respect of expenses occasioned by the person in relation to the hearing and any such sum may be recovered by the person concerned from the other person concerned, as a simple contract debt in any court of competent jurisdiction.
(6) Subject to the provisions of this Act, the procedure at oral hearings under this section shall be such as may be prescribed andregulations for the purposes of this subsection may, without prejudice to the generality of the foregoing, make provision for the notification of persons concerned of the making of representations under this section, of the date, time and place of such hearings and of determinations of the Board under section 38, 53, 58, [59A], [64A] or [81G], for the circumstances (if any) in which persons concerned may present their cases at such hearing through representatives (including legal representatives), for the making of a sufficient record of the proceedings at such hearings and for such other matters as the Minister considers necessary or expedient for the purposes of this section and for giving full effect to it.
26B.
Pensions Council.
(1) On the commencement of section 29 of the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013 there shall stand established a body to be known, in the English language, as thePensions Council or, in the Irish language, as An Chomhairle Pinsean to perform the functions assigned to it by this section.
(2) The functions of the Pensions Council shall be to advise the Minister, either on its own initiative or at the Minister’s request, on matters relating to pensions generally.
(3) The Pensions Council shall consist of the following members-
(a) a chairperson, and
(b) not fewer than 8, and not more than 12, ordinary members.
(4) The members of the Pensions Council shall be appointed by the Minister in accordance with this section.
(5) The Minister shall designate one member of the Pensions Council as chairperson.
(6) An ordinary member of the Pensions Council shall hold office for such period, not exceeding 5 years from the date of his or her appointment, as the Minister shall determine.
(7) A member of the Pensions Council whose term of office expires by effluxion of time shall be eligible for reappointment to the Pensions Council.
(8) The ordinary members of the Pensions Council shall include-
(a) the Pensions Regulator,
(b) one member nominated by the Minister as a representative of the Department of Social Protection,
(c) one member nominated by the Minister for Finance as a representative of the Central Bank,
(d) one member nominated by the Minister for Public Expenditure and Reform as a representative of the Department of Public Expenditure and Reform, and
(e) not fewer than 4, and not more than 8, other members, each of whom the Minister considers to have the relevant skills, specialist knowledge, experience or expertise to enable him or her to carry out his or her functions under this Act.
(9) A member of the Pensions Council may resign from the Pensions Council by letter addressed to the Minister, and the resignation shall take effect on the date specified in the letter, or the date on which the Minister receives the letter, whichever is the later.
(10) A member of the Pensions Council may at any time be removed from membership of the Pensions Council by the Minister if, in the Minister’s opinion, the member has become incapable through illhealth of performing his or her functions, or has committed stated misbehaviour, or his or her removal appears to the Minister to be necessary for the effective performance by the Pensions Council of its functions.
(11) A member of the Pensions Council shall cease to be and shall be disqualified from being a memberof the Pensions Council where such member-
(a) is adjudicated bankrupt,
(b) makes a composition or arrangement with creditors,
(c) on conviction on indictment by a court of competent jurisdiction is sentenced to a term of imprisonment, or
(d) is disqualified or restricted from being a director of any company (within the meaning of the Companies Acts).
(12) The Minister shall determine the procedures of the Pensions Council.