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23/06/2009
Pension Board Investigates Construction Firms
Some 150 construction firms are to be investigated by the Pensions Board after alleging they are unable to pay staff pension contributions.
According to reports, 40 businesses have already repaid contributions in advance of the forthcoming investigations, while another 57 building companies have indicated they will return the money to the pension fund.
Speaking at the launch of the Pension Board's Annual Report yesterday, Chief Executive Brendan Kennedy said: "2008 was an extremely difficult year for pension savings, and the retirement plans of very many individuals have been badly affected.
"Too many schemes did not take account of the investment risks they were running in 2008.
"Too often it seems that schemes' primary goal is to keep contributions to a minimum and they give little or no thought to risk."
Mr Kennedy went on to say that the majority of allegations reported to the board last year had come from whistleblowers.
The Pensions Board, in conjunction with the Garda Fraud Squad, the Office of the Director of Corporate Enforcement and other agencies are examining all the allegations of irregularities in passing on pension contributions.
(DW/BMcC)
According to reports, 40 businesses have already repaid contributions in advance of the forthcoming investigations, while another 57 building companies have indicated they will return the money to the pension fund.
Speaking at the launch of the Pension Board's Annual Report yesterday, Chief Executive Brendan Kennedy said: "2008 was an extremely difficult year for pension savings, and the retirement plans of very many individuals have been badly affected.
"Too many schemes did not take account of the investment risks they were running in 2008.
"Too often it seems that schemes' primary goal is to keep contributions to a minimum and they give little or no thought to risk."
Mr Kennedy went on to say that the majority of allegations reported to the board last year had come from whistleblowers.
The Pensions Board, in conjunction with the Garda Fraud Squad, the Office of the Director of Corporate Enforcement and other agencies are examining all the allegations of irregularities in passing on pension contributions.
(DW/BMcC)
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