I refer to my response to you on 18 June on this matter and reaffirm that the remit of the Pensions Authority is determined only by the provisions in the Pensions Act. Section 10 of the Pensions Act sets out the functions of the Pensions Authority. Its core function is to monitor and supervise the operation of the Pensions Act. Its remit is determined by the provisions of the Pensions Act and in this regard it is only qualified to determine matters which fall within that remit. In this context, the Pensions Authority has the power to conduct an investigation of the state and conduct of a pension scheme where there are strong indications of a breach of the specific provisions of the Pensions Act.
Any breach of the rules of a scheme whether it is a statutory or a non-statutory scheme can be referred to the Pension Ombudsman, where it is alleged that a scheme member has sustained financial loss occasioned by an act of mal-administration done by or on behalf of a person responsible for the management of a scheme or, where there is a dispute of fact or law done by or on behalf of a persons responsible for the management of the scheme. Pension schemes are required to establish internal procedures for the resolution of disputes. These procedures must be exhausted before a complaint can be referred to the Pensions Ombudsman for investigation. As you may be aware, pension schemes in Ireland are generally established under trust and as such the trustees of a pension scheme are required, under trust law, to act in the best interest of all scheme members and beneficiaries who have recourse under trust law determine any alleged breaches of the trust.
