Regulatory Updates
On-the-spot Fines
April 2008
The Pensions Board introduced an initiative whereby Employers and Trustees are now liable to an ‘on-the-spot fine’ from the Board should they or their scheme contravene the specified provisions of the Pensions Act (1990), as amended.
The fine is €2,000 per Trustee per offence.
A checklist has been designed to help employers and trustees be more aware of potential breaches for which these fines could be imposed.
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