Jurisdiction(s):
Ireland

Ireland: Pensions Authority supervisory findings 2024—trustee priorities on governance, outsourcing, own‑risk assessment, communications, investment and value for money; prepare for tripled 2025 supervisory reviews

Published on: 01 May 2025

Published by a LexisNexis Ireland - Employment expert

Legal News

Article summary

The Pensions Authority (the Authority) has issued a Findings Report (the Report) on its 2024 supervisory activities, a worthwhile read for pension scheme trustees and their advisers. The Report sets out the results of supervisory reviews of master trusts, defined benefit (DB) and defined contribution (DC) schemes, alongside compliance audit and inspection findings. Though there is much to absorb, the Authority’s central message is unmistakable: trustees must put members first by enhancing governance, risk management, operations and communications.

Governance: addressing conflicts of interest and board practices

In its evaluation of scheme governance, the Authority highlighted worries about conflicts of interest, particularly within master trusts closely connected to their founder organisations. The Report records that master trust trustees often neglected to include service providers or key function holders from the founder group in their conflicts of interest register. It also found instances where master trust deeds oblige trustees to use specific service providers, which the Authority suggests may limit their capacity to secure the best outcomes for members. The Authority expects trustees to seek the deletion of such restrictive provisions...

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