Pension administration - Pension folly can ruin lives

Companies can ill afford to ignore the scathing criticism by the Pensions Board of the poor level of pension administration which it says is a form of neglect which can put the well-being of thousands of pensioners at risk.

As it has warned, because of poor record keeping, people can end up getting fewer benefits than they were entitled to receive.

While the discovery of four cases which required remedial action last year out of a total of 28 on-site investigations may not appear to represent a problem of major proportions, the findings are a timely wake-up call. As it has been succinctly put by Brendan Kennedy, CEO of the Pensions Board, it is indeed “extraordinary that any administrator should be so unaware of its responsibilities that this situation should arise”. Due to their irresponsible behaviour, the lives of many pensioners can be ruined.