10 things that pension scheme trustees can receive an on-the-spot fine for

Are you a pension scheme trustee?

Did you know that the Pensions Authority has developed a list of offences with on the spot fines of €2,000? The fine is per offence per trustee or director of a trustee company.

We have listed them here for you.

	If your scheme is not registered with the Pensions Authority or if your scheme is registered but the details are not up to date.
	Failure to pay your scheme’s annual fees to the Pensions Authority. The fee is €8 per member per year where the total number of active members is 500 or less.
	If your trustee training is not up to date. As a trustee you must undertake training within 6 months of your appointment and every two years after that. As a trustees you need to keep a record of the training and note it in your annual trustees report. The Pensions Authority has online training facilities available free of charge or you can attend one of the many courses available through industry bodies. Many schemes will also undertake ongoing trustee training modules in conjunction with their trustee meetings, you could consider doing this in your scheme a well.
	Failure to be compliant with your obligations under the Disclosure of Information Regulations. The Pensions Act requires extensive disclosure of information to members, prospective members and any other possible beneficiaries. These regulations cover such areas as the members’ annual benefit statements, the trustees annual report, provision of information to members on joining or leaving a scheme, to name but some of the areas covered.
	Failure to respond to requests for information. As a trustee you will receive requests for information from time to time. Requests from any of the following which are not responded to can attract a fine: The Pensions Authority Your scheme auditor Your scheme actuary, if applicable The sponsoring employer or any adhering employer
	Failure to arrange for an annual valuation of your scheme’s assets and liabilities.
	If your scheme offers members a choice of funds to invest their contributions but you are not providing them with the necessary information to make informed decisions.
	If your scheme has over 100 members but you do not have a Statement of Investment Policy Principals in place.
	Failure to have procedures in place to accept transfer values.
	Failure to provide Statements of Benefits to any members of your scheme who are transferring funds to a PRSA (Personal Retirement Savings Account).