Trustees have the main responsibility for the administration of funded occupational pension schemes and must comply with the Government legislative requirements that apply to these schemes. The following are some of the requirements that Trustees must comply with:
Pensions Act, 1990
Taxes Consolidation Act, 1997
As well as Government legislation, the Trustee have their own set of guidelines for the Scheme such as:
Statement of Investment Policy Principles
Definitive Trust Deed and Rules of CWPS
The trustees of every scheme must appoint a registered administrator to provide various services to the scheme known as 'core administration functions'.
The 'core administration functions' are the preparation of annual reports and annual benefit statements for the trustees, and the maintenance of sufficient and accurate records of members and their entitlements to discharge the above functions.
Registered Administrators must also provide annual scheme information to the Pensions Authority which corresponds closely to the information required for the preparation of scheme annual reports and member benefit statements.
The Pensions Authority is a statutory body set up under the Pensions Act, 1990. The Authority regulates occupational pension schemes, trust RACs and Personal Retirement Savings Accounts (PRSAs) in Ireland.
The Pensions Ombudsman investigates complaints of financial loss due to maladministration and disputes of fact or law in relation to occupational pension schemes, Personal Retirement Savings Accounts (PRSA) and Trust RACs. The Pensions Ombudsman is completely independent in the performance of these functions and acts as an impartial adjudicator.
CPAS are the registered administrators for the Construction Workers Pension Scheme.