Post on 08-Aug-2015
transcript
www.pensionsauthority.ie
Investigations and Prosecutions:
The Regulator’s Perspective
30 June 2015Grace Guy
www.pensionsauthority.ie
Focus
• Section 18 – investigations• Section 58A – non-remittance of pension
contributions• Section 3 – prosecutions • Experiences and practical issues
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The Pensions Authority:
• Regulator of company pension schemes and PRSAs
• Functions– Monitor and supervise the Pensions Act – Information and guidance– Policy advice
• Who we regulate– Trustees, employers, RAs, PRSA providers– Approx 62,000 OPS, 733,000 members, €80bn assets
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How the Authority Supervises:Hierarchy of risk priorities
• 1st priority: misappropriation of pension assets or contributions
• 2nd priority: failure to pay benefits due• 3rd priority: inadequate funding of defined
benefits• 4th priority: inappropriate investment• 5th priority: failure to provide prescribed
information to members
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Regulatory Powers
• Information and investigations
• Statutory reliefs from High Ct
• Power to suspend or withdraw approval
• Prosecutions (on the spot fines)
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Regulatory Context
• Mission, strategy, regulatory aim
• Governing legislation
• Resources
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Section 18 - Investigations
• Broad power to obtain information and conduct investigations
• Can enter premises, inspect and take copies of documents and remove records
• Make enquires • Can obtain search warrants if required
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Investigations (continued)...
• Be prepared
• Process/housekeeping
• Staff training
• Behaviours
• Interaction with Other Regulators
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Prosecutions
• Section 3 – all breaches of Pensions Act a criminal offence
• Summary (Pensions Authority) • Indictment (DPP)• Penalties
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Prosecutions – Section 58A Strategy
• Section 58A – non-remittance of pension contribution
• Evolvement of strategy from 2008 + • Change in legislation – 2009 – admissibility of
payroll evidence • Formal prosecution policy
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Prosecutions – Practical Issues
• In house function• Separation of investigation and prosecution
functions• Knowledge and experience • District Court interactions• Counsel• Costs
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Results
• 100 plus convictions since 2010• Various fines, community service and
suspended prison sentences imposed• Since April 2008 over €8 million of restored
contributions to pension schemes as a result of Authority activities