Trustee of pension plan fined €1,000

The trustee of an Iberia Airlines pension plan for its Irish workers has been successfully prosecuted by the Pensions Board for failure to provide timely information in relation to the scheme to the board.

The trustee of Iberia Airlines of Spain Retirement Plus Plan - Irish Republic failed to furnish the board with copies of certain documents, including an annual report, relating to the scheme within the time limits specified under Section 54 of the Pensions Act 1990.

The Irish resident trustee of the scheme, as of September 2003, was Mr José Garcia Furones, of Swords, Co Dublin. The requested information was not received by the specified date of October 1st, 2003.

The trustee was fined €1,000, and costs of €2,400 plus VAT were awarded to the board.

As part of its regulatory role, the Pensions Board monitors pension scheme trustees to ensure they meet their statutory obligations to disclose basic information to members.

The board has stepped up the number of prosecutions for failure to respond to its enquiries over the past year, following a series of random audits of employers by the board, as well as checks by the Department of Social Welfare Inspectorate.

The Pensions Board is also following up the 50 per cent of employers who did not respond to its letter reminding them of their obligations to offer employees access to a company pension scheme or a Personal Retirement Savings Account (PRSA).