Registered Administrators & Eurostat Requirements GERARD KEANE.

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Presentation transcript:

Registered Administrators & Eurostat Requirements GERARD KEANE

Contents Registered Administrators Eurostat Requirements

Registered Administrators The Social Welfare & Pensions Act (Section 27) provides that with effect from 1st November 2008, the Trustees of every Pension Scheme must have appointed Registered Administrators to provide "core administration functions". The core administration functions are the preparation of annual reports and annual benefit statements for the trustees and the maintenance of sufficient records to provide such services. Registered administrators are now statutorily obliged to register with the Pensions Board on an annual basis on behalf of pension scheme trustees.

Registered Administrators Failure by the trustees to appoint a registered administrator may constitute fines of up to €2,000. The renewal date for the Registered Administrator is 1 st November Registration must be renewed no later than 30 days before the end of the previous registration year. This means that the Board must receive the necessary applications for renewal by 1 October 2009.

Eurostat Requirements Regulation (EC) No 2056/2002 of the European Parliament and of the Council of 5 November 2002 amending Council Regulation (EC, Euratom) No 58/97 concerning structural business statistics requires all EU member states to furnish specified information to Eurostat. The required information for pension schemes include details of the scheme type, benefits, status, membership, fund value and contributions and benefits. This information corresponds closely to the information required for the preparation of scheme annual reports and member benefit statements.

Eurostat Requirements The relevant statistical information must be furnished in respect of each scheme to the Pensions Board annually within 9 months of the scheme year end for scheme years commencing on or after 1 January E.g. The first set of annual returns, for the scheme year ended 31 st December 2008, must be submitted to the Pensions Board by 30 th September 2009 A monthly return must be made in respect of the relevant period thereafter. The registered administrator of the schemes must provide this information to the Pensions Board.