Trustees Role and Responsibility

The Pensions Act, 1990 brought together and set down clearly the duties and responsibilities of pension scheme Trustees. There is a high degree of overlap between trustees duties under the general principles of trust law and their duties as prescribed in the Act.

To register the Scheme with the Pensions Board
To ensure that Contributions are received within specified time limits
To invest the Funds
To make arrangements for the paying the benefits
To ensure that records are kept
To preserve or transfer benefits
To give information
To apply equal pension treatment
To apply the resources of the Scheme on Wind-Up
To undergo regular Training
For the first time the Act also introduces a registration process for Pension Scheme Administrators. The Administrator will now be responsible for the preparation of the annual report and annual benefit statements on behalf of the Trustees as well as ensuring that accurate and sufficient records of members and their entitlements are maintained.

The Trustees’ duties under the Act are:
To register the Scheme with the Pensions Board
To ensure that Contributions are received within specified time limits
To invest the Funds
To make arrangements for the paying the benefits
To ensure that records are kept
To preserve or transfer benefits
To give information
To apply equal pension treatment
To apply the resources of the Scheme on Wind-Up
To undergo regular Training

For the first time the Act also introduces a registration process for Pension Scheme Administrators. The Administrator will now be responsible for the preparation of the annual report and annual benefit statements on behalf of the Trustees as well as ensuring that accurate and sufficient records of members and their entitlements are maintained.

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