For DB trustees: The Pensions Authority will be focusing on underfunded DB schemes and on a programme of compliance activity.
For DC trustees: It would be prudent for DC trustees to carry out an audit against the first three Codes of Governance and to develop a risk register where one is not already in place and to consider how it will be maintained and developed.
Pensions Authority – 2016 – 2020 Objectives
The Pensions Authority (the “Authority”) has published its strategy for 2016-2020. The strategic objectives of the Authority for the period are: » to monitor and supervise occupational pension schemes and PRSAs to ensure they continue to be, or will be, well managed by competent trustees, providers and administrators; » that scheme trustees, the pensions industry and employers can rely on the Authority for guidance and support on what the Authority expects; » that the Authority will be well known as an accessible, relevant and practical source of information for the public, members, contributors and beneficiaries; and » that the Authority will be a valuable source of technical pensions advice, knowledge, information and support to the Department of Social Protection.