The Pensions Authority is a statutory body set up under the Pensions Act, 1990, as amended (the Act).
- supervises compliance with the requirements of the Act by trustees of occupational pension schemes and trust RACs, personal retirement savings account (PRSA) providers, registered administrators (RAs) and employers,
- investigates suspected breaches of the Act
- conducts on-site inspections and compliance audits,
- instigates prosecutions and other sanctions where breaches of the Act are found to have occurred,
- provides policy advice and technical support to the work of the Minister and Department of Social Protection,
- provides relevant information and guidance to the public and those involved with pensions, and
- deals with enquiries received from scheme members, trustees, employers, the pensions industry, the general public and the media.
The three functions of the Pensions Authority are:
- Supervision and enforcement - fostering public confidence in pensions by supervising pension schemes and PRSAs effectively and efficiently,
- Policy - providing expert advice to the Minister for Social Protection to help inform policy development, and
- Information - supporting pension scheme trustees and the public by providing guidance and information.