Swords based Insurance Broker, Michael Kennedy, has warned local local employers, “The Pensions Board can call into any company and demand to see pension records and confirm, for example, that money that has been deducted from members wages has been paid over to an insurance company. If there are any irregularities, an on the spot fine can be imposed by the Pensions Board. A number of high profile court cases have been taken by the Pensions Board already.” Every company pension policy must have trustees, who are responsible for the management of the scheme and to oversee that things are done properly. It is now the law that all employers must provide training for people in organisations who are trustees. In many companies, this will be the directors who have a legal responsibility to get trained up every two years. In the past, enforcement of the rules was at times lax and accountability was questionable. However, this has all changed under the new Pensions Act, where trustees are now under very stringent regulations. Kennedy believes that a special legal expenses insurance policy should be taken out for people acting as trustees. “Because trustees are carrying out legal functions, they have legal responsibilities and should take advise about available insurance coverage against legal expenses, that could be incurred, if they are sued by employees etc. This can happen because of non-compliance with the rules and regulations.” Pension trustees should provide a yearly update on the investment strategies and keep employees fully informed. This obligation is now put in legislation. The new regulations came into force on 1st February this year The training is provided by specialist firms or can be done on-line, by completing the E Learning Course from the Pensions Board. The importance of this is that all trustees will now understand their legal obligations and this will benefit employee and employer alike.