1. Mary Hutch Head of Information & Training The Pensions Board 24 January 2007 The Institute of Chartered Accountants in Ireland Role of The Pensions Board and Trustees Duties Under the Pensions Act

2. 1 PENSIONS ACT, 1990  Part I – Preliminary and General  Part II – Establishment of Pensions Board  Part III – Preservation of Benefits  Part IV – Funding Standard  Part V – Disclosure of Information  Part VI – Trustees of Schemes * 1 Part VII – Equal Treatment * 1 Equal Pension Treatment introduced by Social Welfare Act, 2004

3. 2 PENSIONS ACT, 1990 * 2 Part VIII– Compulsory and Voluntary Reporting to the Pensions Board * 2 Part IX – Miscellaneous Applications to the High Court * 2 Introduced by the Pensions (Amendment) Act, 1996 * 3 Part X – Personal Retirement Savings Accounts (PRSAs) * 3 Part XI – Pensions Ombudsman * 4 Part XII – Cross Border Schemes * 3 Introduced by the Pensions (Amendment) Act,2002 * 4 Introduced by the Social Welfare and Pensions Act,2005

4. 3 PENSIONS ACT - PART II Functions of Pension Board  To monitor and supervise operation of Act, including activities of PRSA providers, provision and operation of PRSAs  Issue guidelines to trustees on duties and responsibilities and codes of practice on specific duties  Issue guidelines/ guidance notes on duties and responsibilities of PRSA providers in relation to PRSA products  Encourage training for trustees  Advise Minister on standards for trustees and on their implementation  Issue guidelines for scheme administrators on requirements of Act  Provide information to members on their rights under the Act

5. 4 PENSIONS ACT - PART II  Investigate complaints and, if necessary, take Court proceedings for breach of Act  Register schemes and PRSAs and collect fees due  Advise Minister for Social and Family Affairs on operation of Act and pensions matters generally

6. 5 PENSIONS ACT – PART VI Trustees of Schemes  Section 59(1) General duties of trustees  Ensure contributions received – time limits  Invest in accordance with rules subject to Regulations  Pay benefits  Keep records – membership and financial  Wind-up without delay

7. 6 PART VI Trustee Qualification Requirements  S59 A(1) – addresses aspect of good repute  Person shall not act as trustee if:-  undischarged bankrupt / composition with creditors (and is not discharged)  convicted of fraud / dishonesty  trustee is a company and director is prohibited under this section  Person subject of declaration under S.150 Companies Act 1990 (restriction)

8. 7 PART VI Trustee Qualification Requirements  S59 A(2) requires Regulations to be made providing that:  Trustees must possess (or employ or contract with advisers who do possess) qualifications and experience prescribed in those regulations, and  Specifying circumstances in which trustees will be regarded as possessing the specified qualifications and experience  “Qualifications and experience” are those appropriate and relevant to investment of resources of scheme  Enter in to contract with one/more investment managers to provide investment service  Trustees themselves have such qualifications and experience  Employ an adviser with qualifications and experience  If one trustee meets requirements – all satisfy  Regulations only refer to need for investment qualifications  Act and other Regulations already require appropriate professional qualifications for other aspects of running a scheme

9. 8 PART VI Trustee Qualification Requirements  S59 A(3) gives Board power to determine if trustee or person proposing to act as trustee satisfies requirements  Determination must be notified to trustee/person - effective 21 days after date - removes trustee who does not satisfy requirements  Appeal to High Court

10. 9 Further Information  Lo-Call 1890 65 65 65  Trustee Handbook and Codes of Practice  Guidance Notes  Guidelines  FAQs  Information Booklets  Bulletins