Pensions Authority begins investigation into Source Pensions

The Pensions Authority has begun an investigation into the activities of Source Pensions Administration and Trustee Company Limited in its capacity as a trustee of a number of occupational pension schemes.

It is understood the investigation began after someone came forward with information that prompted the authority to take action.

Source Pensions, with an address in Dublin 2, was set up in 2009 by its principal shareholder and chief executive, Adrian Daly. Mr Daly is a former chief executive of Hibernian Group, now part of Aviva, and a former president of the Society of Actuaries in Ireland.

According to the company’s website, Source Pensions was established to “provide pensions administration, online services and a fund platform to the group pensions market”.

In a statement on its website, the Pensions Authority said it has secured a High Court Order to temporarily prohibit any person from “disposing of, selling, pledging, charging or otherwise dealing with any of the resources of any scheme to which Source Pensions Administration and Trustee Company Limited is the trustee.”

It said it is working to resolve the matter as soon as possible and will issue further information updates as they become available. There was no information available as to the schemes affected.

The latest filed financial results for Source Pensions are for the year to the end of March 2013 and show it had accumulated losses at year’s end of €2.55 million, having book- ed a pre-tax loss of €605,831 for the year. “The directors believe the business will be profitable in future years,” the accounts state. In January 2013, Enterprise Ireland invested €200,000 in the business.