IAPF Spring 2018 Irish Pensions Magazine

IRISH PENSIONS MAGAZINE | SPRING 2018 | 55 Early this month, the Pensions Authority issued its summary of 2017 regulatory activity and plans for 2018. Here is a summary of their 2017 regulatory activity and outputs: • 43 new investigations were opened into various alleged breaches of the Pensions Act. The alleged breaches varied from deduction and non-remittance of pension contributions to failure to reply to a statutory request for information. • 42 investigations were finalised and closed during the year. • 12 onsite inspections of RAs were undertaken to assess standards of pension administration, data The Pensions Authority summary of 2017 regulatory activity and plans for 2018 management and levels of compliance with the Pensions Act. • 93 meetings were held with trustees, RAs, pension providers and public service administrators to discuss a range of compliance issues. • 393 compliance desk audits of schemes were carried out covering various obligations under the Pensions Act. • 453 defined benefit schemes were in compliance with the funding standard as at 31 December 2017. All bar four of the remaining schemes have agreed or are in the process of submitting funding proposals designed to bring the FEATURE