REGISTERED ADMINISTRATORS’
RENEWAL
Brendan Kennedy
Mary Hutch
Grace Guy
THE PENSIONS BOARD
CONRAD HOTEL
10 SEPTEMBER 2009
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AGENDA
 Legislative Background
 Renewal Issues
 Compliance
 Q’s and A’s
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LEGISLATIVE BACKGROUND 1
 Social Welfare and Pensions Act 2008 introduced
new “RA” regime
 Part VIA of Pensions Act 1990 (the “Act”) and S.I
276 of 2008 (the “Regulations”) give effect to RA
regime
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LEGISLATIVE BACKGROUND 2
 Core Administration Functions
 Annual Report
 Annual Benefit Statements
 Adequate and sufficient records
 Trustees remain responsible for delivery of
documentation
 RA self certification – “...competent and capable
and have adequate administrative systems and
procedures in place..”
 Eurostat Requirements
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RENEWAL PROCESS (1)
 S64E of Act and Regulations governs RA renewal
 Requirements to obtain renewal
 Satisfy prescribed criteria
 Not disqualified
 No adverse findings from audit/investigation
 If satisfy above, Pensions Board shall renew
registration
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RENEWAL PROCESS (2)
 Prescribed statutory criteria that details:
 Format of renewal application
 Specific time limits for renewal
 Particular issues with renewal:
 Late applications
 Incomplete scheme listings
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NON RENEWAL
 Process
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Board issues Notice
Trustees must be notified immediately
Passing of scheme information within 2 months
Right to appeal within 21 days
Non renewal does not take effect until expiry of 21 day/appeal
National publication by Board
 Effect
 Criminal offence to carry out core administration functions
while unregistered
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ADDITIONAL BOARD POWERS
 Audit/Investigation (S18, S54)
 Termination
 Prosecution
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INITIAL REGISTRATION
– COMMON PROBLEMS
 Notes on Completion not followed
 ‘Addresses in Ireland’ left blank or omitted
 Format for electronic data not adhered to or used at all
 Lists of additional schemes submitted after registration date
 Individuals applying to be RAs without understanding
responsibilities
 Outsourcing was a major issue
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RENEWAL PROCESS
 Follow instructions carefully on application form
 Pay particular attention to matters highlighted on form’s
covering page
 Note the technical instructions for completing the form
 Submit form twice, electronic and hard/scanned copy
 Submit no later than 1 October 2009 or no later than 30 days
before end of relevant registration year
 Queries/electronic submissions to [email protected]
 Hard copies to RA Renewals at the Pensions Board
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OUTSOURCING ARRANGEMENTS
 Particular problem area
 RA not absolved from liability where core functions outsourced
 Applicant RA must meet competency requirements before it
can outsource
 If trustees are RA, they must be able to meet competency/
administrative requirements, before they can outsource
 Circumvention of legislation will not be tolerated by the Board
 Actively monitoring schemes in this regard
 On-site inspections of RAs/outsourcees will occur on selective
basis
 Board will communicate in advance
 Off-site audits will also be conducted
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COMPLIANCE ISSUES
 Process is statutory
 Applications must be on time and be complete
 Where Board refuses to renew applications
 RA cannot continue to provide core administration functions
 RA must notify trustees
 Transfer scheme information to replacement RA
 Criminal offence to continue core functions where
registration refused
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COMPLIANCE ISSUES
 Start renewal process well in advance
 Keep an eye on FAQs
 Flag up any issues as soon as possible
 Year 1 pragmatism is over
 Now is the time to get it right
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REGISTERED ADMINISTRATORS (RAS)
QUESTIONS AND ANSWERS
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