Group Pension Schemes

As an employer, you need to know your scheme is understood and appreciated as a valuable asset by employees. Finance One will help you assess the advantages and disadvantages of Occupational schemes and PRSAs.

In a rapidly changing environment, we will explain the implications of the recent National Framework Plan and explain the likely direction of future regulation.

As a Pension Scheme Trustee, you need assurance that your scheme is properly governed and fully compliant. The Pensions Board now has the power to impose "on the spot fine" of €2,000 per offence in the case of certain breaches of the Pensions Act.

Finance One assists Pension Scheme Trustees to remain compliant. We will audit your existing arrangements and keep you informed of any changes in your responsibilities.

Compliance

Trustee responsibilities are changing. Some key areas that we will review with you are:

	Are any employees with 6 months plus service excluded from the pension scheme? If so is a PRSA in place for such members?
	Are there more than 100 members (actives AND deferred)? If so a "full" annual report will be required each year including input from an auditor
	What is the investment strategy for the scheme? Is there a regular review of performance?
	Are members linked to Lifestyling?
	Are contributions always paid across within 21 days of the end of the month they were deducted?

Trustee Training

The subject of Trustee training is a hot topic. The Pensions Act was recently amended to include a requirement for Pension Scheme Trustees to undertake 'appropriate' training. For existing Trustees, the training has to be completed within 2 years of the announcement, effectively 31st January 2012. If you do not wish to complete this training, it may be more suitable to appoint a professional trustee.

Finance One will outline the options open to you in order to ensure you remain compliant with the Trustee Training regulations.

For further information contact John Dunne or Brendan Toolan on 01-6471200 or email info@financeone.ie