The Pensions Board had its busiest year to date in 1997, recording a significant jump in enquiries and a greater awareness of its role, the agency said yesterday. Publishing its annual report, the board said it had dealt with six cases under "whistle-blowing" legislation, one of which was now with the Garda fraud bureau.
"Enquiries to the Pensions Board increased by 43 per cent in 1997 to 2,314, a third of which came from scheme members, pensioners and trade unions representing members," said the agency's chairman, Mr Eamonn Heffernan. "Most enquiries - 38 per cent - related to the disclosure of pension scheme information."
The board's chief executive, Ms Anne Maher, said six cases had been investigated under the "whistle-blowing" provisions of the Pensions Act. These oblige financial services professionals and pension trustees to report any fraud or misappropriation they come across to the board.
"One case is currently being dealt with by the Garda Bureau of Fraud Investigations and another remains under investigation," Ms Maher added. "Since January 1998, a further two cases have been referred to the board under these provisions."
Ms Maher said she would not name the pensions schemes under investigation for fear of prejudicing the cases against them.
The annual report showed an increase in the number of pension schemes - up 5,202 to 55,450 - and said that the funding standard requirements had been met by over 90 per cent of the schemes, covering 98 per cent of the relevant membership.
Mr Heffernan said that, while he was satisfied with the overall position, this left some 800 funding certificates due in the first quarter of 1998, about 80 of which were still outstanding.
"The board is determined to follow up all such cases with a view to ensuring full compliance," he added. "We have powers under the Act and we will use them."
The Minister for Social, Community and Family Affairs, Mr Ahern, said the Government saw it as part of its job to encourage people to make provision for their retirement. In encouraging them to do so, the confidence of ordinary members in their pension schemes was a vital element. He felt sure that the board would be vigilant in ensuring that those operating schemes complied with the regulations.
On overall pensions trends, Ms Maher said that, although the number of individuals covered by pension schemes had risen by almost 20,000 to 519,469, her impression was that the labour force had grown by a greater number, indicating a slight decline in the proportion of workers covered.
She also pointed to an increase in the proportion of "defined contribution" type pensions, where members take the risk that their invested pensions will do well on the markets, as opposed to "defined benefit" schemes, where members receive a set proportion of their salaries after they retire, regardless of how the stock market has performed.
