Three companies fined over PRSA offences

The Pensions Board today successfully prosecuted three companies for failure to comply with the Pensions Board requests for information in relation to the companies’ PRSA obligations.

The three companies were: the Alternative Bread Company Ltd, South Douglas Road, Cork; Lally Coach Hire Ltd, Spiddal, County Galway; Pepsi Cola Trading Ireland, Herbert Street, Dublin 2.

A fine of €250 was imposed by the Court on The Alternative Bread Company Ltd and costs of €2,400 plus VAT were awarded to the Pensions Board.

A fine of €750 was imposed by the Court on Lally Coach Hire Limited and costs of €2,400 plus VAT were awarded to the Pensions Board.

The Court applied the Probation Act to Pepsi Cola Trading Ireland.

The Pensions Board, as part of its regulatory role, supervises the activities of PRSA providers in relation to their approved products and monitors employers’ compliance with the legislation regarding PRSAs.

Commenting on the prosecutions, the chief executive officer of the Pensions Board, Anne Maher said: “By 15 September 2003 all employers were required to have entered into a contract with a PRSA provider to allow access to at least one Standard PRSA to all “excluded employees” on and from that date.

"This requirement is a key component in the drive to increase private pension coverage in Ireland. The Board has a responsibility to enforce this mandatory access requirement and regards non-compliance as a serious matter.”