Advent Financial Services have engaged the services of a qualified Pension Trustee Practitioner (PTP) who can assist and advise clients of our firm in relation to defined contribution occupational pension schemes.
- We can offer advice on trusteeship for employers, employees, HR Managers or Financial Directors of companies operating a defined contribution occupational pension scheme.
- We can offer assistance to active members or deferred members of occupational pension schemes in relation to their rights and entitlements.
- We can provide assistance to employers to comply with employment legislation in providing access to pension schemes for employees.
- Compliance with the various statutory requirements under the Pensions Act 1990, Taxes Consolidation Act 1997, amongst other pieces of legislation.
This is an example of some duties for a Trustee of a defined contribution occupational pension scheme:
- To ensure the scheme is registered with the Pensions Authority and pay the relevant fees to the pensions authority.
- To provide for the proper investment of the scheme assets and investment options for members including a default investment strategy.
- To undertake trustee training in accordance with Section 59AA of the Pensions Act 1990.
- Where an employer or company are acting as trustee of a scheme, the employer must arrange training for trustees every two years, and for trustees first appointed to the scheme and all directors of the company within 6 months of appointment.
- Disclosure of relevant information through annual benefit statements and annual statements of reasonable projections at certain times including on request from the member or on the happening of events (such as a Pension Adjustment Order)
- To provide a preserved benefit statement to employees who have terminated employment with the relevant employer.
It is important to note that the Pensions Authority can impose on the spot fines of €2,000 per trustee to scheme trustees in contravention of the Pensions Act and allow rectification of breaches.
We encourage our clients to visit the Pensions Authority website at www.pensionsauthority.ie which can provide valuable information for Employers, Employees, Trustees, and Individuals.