Pensions Board warns industry

The Pensions Board intends to take a tougher approach to any breaches of the Pensions Act and has warned the pensions industry to ensure all its affairs are in order.

The exact amount of the on-the-spot fines to be introduced in September will be prescribed in regulations which will be made later in 2007 and is likely to be €2,000.

The maximum fine on conviction is €5,000.