1. R EGISTERED A DMINISTRATORS T HE P ENSIONS B OARD 11 TH AND 12 TH J UNE 2008 1

2. A GENDA  The Pensions Acts 1990 – 2008  Pensions Board Supervisory Developments  Registered Administrators  Q’s and A’s 2

3. T HE P ENSIONS A CTS 1990 - 2008  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 VIA – Registered Administrators * 2 Part VII – Equal Treatment * 1 Introduced by the Social Welfare and Pensions Act,2008 * 2 Equal Pension Treatment introduced by Social Welfare(Miscellaneous Provisions) Act, 2004 3

4. T HE P ENSIONS A CTS, 1990 - 2008 * 3 Part VIII– Compulsory and Voluntary Reporting * 3 Part IX – Miscellaneous Applications to the High Court * 3 Introduced by the Pensions (Amendment) Act, 1996 * 4 Part X – Personal Retirement Savings Accounts (PRSA’s) * 4 Part XI – Pensions Ombudsman * 5 Part XII – Cross Border Schemes * 4 Introduced by the Pensions (Amendment) Act,2002 * 5 Introduced by the Social Welfare and Pensions Act,2005  Social Welfare Law Reform and Pensions Act, 2006  Social Welfare and Pensions Act, 2007  Social Welfare and Pensions Act, 2008 4

5.  Supervision function divided into 2 teams - Defined Benefit Supervision headed by Mary Hutch - Defined Contribution Supervision headed by Philip Dalton (to include PRSAs, DC OPS, Trust Based RACs)  Move to risk-based supervision  More focus on administration  On-site and off-site supervision P ENSIONS B OARD S UPERVISORY D EVELOPMENTS 5

6. W HY RA S ?  Implements the recommendations in the Board’s Report to the Minister on Trusteeship (November 2006)  Report noted that third party administrators were unregulated in terms of scheme administration work undertaken on behalf of trustees  Recommended that scheme administrators should register with Board who would then have responsibility to: -audit administration service provision, and -remove registration or apply sanctions if required standards are not met  Pensions Act amended to bring administrators within its remit in relation to certain core functions they perform 6

7. S OCIAL W ELFARE AND P ENSIONS A CT, 2008 R EGISTERED A DMINISTRATORS (RA S ) What’s Required?  With effect from 1 November 2008 trustees of every scheme (including large Trust RACs) must appoint an RA to provide “core administration functions”  Core administration functions are: -preparation of annual reports -preparation of benefit statements -maintenance of sufficient and accurate member records to discharge above  No RA qualification specified but RA must be satisfied they are competent and capable of:  providing core administration functions  have systems and procedures in place to deliver services 7

8. What’s Required?  Trustee can appoint themselves as RAs if they can fulfill above requirements  1 member schemes must appoint RA for benefit statement/ records/Eurostat information  RA can apply to be registered for either or both core administration functions and must maintain records for function for which appointed  RAs also required to provide statistical information for Eurostat -applies to RA responsible for preparation of annual report if more than 1 RA 8

9. S OCIAL W ELFARE AND P ENSIONS A CT, 2008 R EGISTERED A DMINISTRATORS (RA S ) Registration Process  Existing RAs must register with Board prior to 1.11.08  New RAs must register before commencing business - registration period lasts 12 months  RAs must complete form indicating: -schemes for which they are applying to be registered (including “frozen” schemes) -certify they are satisfied they are competent to provide core administration functions to these schemes  Overseas administrators must register as RA and provide address in the State for service of notices and proceedings 9

10. Registration Process  RAs must renew their registration annually no later than 30 days before anniversary of initial registration or renewal  No fee payable on registration or renewal  Sample registration forms available on Board’s website together with a note of Eurostat requirements 10

11. S OCIAL W ELFARE AND P ENSIONS A CT, 2008 R EGISTERED A DMINISTRATORS (RA S ) Non - Compliance and Sanctions  Offence for RAs to fail to carry out core functions within time limits specified - within 8 months of scheme year end for annual reports - within 1 month prior to date of issue for benefit statements  RAs who outsource still liable  Sanctions for failure to perform core functions may include: - prosecution (not on-the-spot-fines) - subjecting RA to conditions on renewal of its registration - refusal to renew the registration  RAs can rely on third party defence apart from outsource arrangement 11

12. Non-Compliance and Sanctions  Sanction depends on degree of non-compliance and number of schemes in respect of which offence has been committed  RA can appeal Board’s decision to terminate or refuse to renew registration to High Court  Criminal offence to carry out core functions without registering with the Board  Trustees still retain current duties under Pensions Act to provide Annual Reports and Benefit Statements - where they fail to do so but can show they had taken reasonable steps to secure compliance by RA, Board will not pursue trustees 12

13. S OCIAL W ELFARE AND P ENSIONS A CT, 2008 R EGISTERED A DMINISTRATORS (RA S ) Supervising RAs  Board has power to: - require RA to furnish it with such information it considers necessary, either on scheme or trust RAC specific basis or generally with respect to RA activities - carry out on-site inspections of RA’s premises or of any outsourcee’s premises 13

14. Supervising RAs  If registration is made conditional, terminated or not renewed, RA must: - give details to trustees of schemes or Trust RAC to whom providing RA services - if registration is terminated/not renewed, RA must arrange for transfer of all relevant information either to trustees or new RA nominated by trustees within 2 months  Board will publish details in Iris Oifigiul and 1 national newspaper within 28 days of its decision to make registration conditional/terminated or not renewed 14

15. S OCIAL W ELFARE AND P ENSIONS A CT, 2008 R EGISTERED A DMINISTRATORS (RA S ) Other Issues  RAs are subject to “Whistleblowing” requirements  Pension Ombudsman’s powers under the Act apply to RAs  Register of RAs will be published on Board’s website  Certain people cannot be RAs, including undischarged bankrupts  RA Regulations are pending FAQs on RAs are available on www.pensionsboard.ie 15

16. S OCIAL W ELFARE AND P ENSIONS A CT 2008 R EGISTERED A DMINISTRATORS (RA S ) Eurostat Requirements  EU Regulation concerning structural business statistics requires member states to furnish specific information to Eurostat  Information required from pension schemes and trust RACs include: - scheme type - benefits - status - membership - fund value - contributions 16

17. Eurostat Requirements  Corresponds closely to information required for Annual Reports  Information must be furnished in respect of each scheme and trust RAC within 9 months of scheme year end for scheme years commencing on or after 1 January 2008  Onus to prepare is on RAs for schemes and trust RAC for which they are responsible - for small trust RACs, trustees are responsible - for public service schemes, administrators are responsible  Sample Eurostat form is on www.pensionsboard.iewww.pensionsboard.ie  Requirements will be in Schedule J of Disclosure Amendment Regulations to be commenced 1 November 2008 17

18. S OCIAL W ELFARE AND P ENSIONS A CT, 2008 R EGISTERED A DMINISTRATORS (RA S ) Q UESTIONS A ND A NSWERS 18