Pension fund trustees face criminal liability as 80% of schemes in deficit

The Irish Pensions Board warned that pension fund trustees face criminal liability if found to be in breach of their statutory duties as it revealed 80% of schemes are in deficit.

So far, the board has successfully prosecuted 26 cases and is vigorously pursuing 36 more this year, IPB chief executive Brendan Kennedy revealed.

Speaking at the launch in Dublin of the board’s 2011 annual report, Mr Kennedy said: “Where the board uncovers non-compliance with the Pensions Act or receives whistleblow reports to that effect we will have no hesitation in taking appropriate action right up to and including prosecution.