1. R EGISTERED A DMINISTRATORS ’ R ENEWAL Brendan Kennedy Mary Hutch Grace Guy T HE P ENSIONS B OARD C ONRAD H OTEL 10 S EPTEMBER 2009 1

2. A GENDA  Legislative Background  Renewal Issues  Compliance  Q’s and A’s 2

3. L EGISLATIVE B ACKGROUND 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 3

4. L EGISLATIVE B ACKGROUND 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 4

5.  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 R ENEWAL P ROCESS (1) 5

6. R ENEWAL P ROCESS (2)  Prescribed statutory criteria that details:  Format of renewal application  Specific time limits for renewal  Particular issues with renewal:  Late applications  Incomplete scheme listings 6

7. N ON R ENEWAL  Process  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 7

8. A DDITIONAL B OARD P OWERS  Audit/Investigation (S18, S54)  Termination  Prosecution 8

9. I NITIAL R EGISTRATION – C OMMON P ROBLEMS  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 9

10. 10 R ENEWAL P ROCESS  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 regadmin@pensionsboard.ieregadmin@pensionsboard.ie  Hard copies to RA Renewals at the Pensions Board

11. 11  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 O UTSOURCING A RRANGEMENTS

12. C OMPLIANCE I SSUES  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 12

13. C OMPLIANCE I SSUES  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 13

14. R EGISTERED A DMINISTRATORS (RA S ) Q UESTIONS A ND A NSWERS 14