Ireland - Pepsi prosecuted over pensions info

The Pensions Board said it had successfully prosecuted Pepsi Cola Trading Ireland and two other companies (Alternative Bread Company and Lally Coach Hire Ltd.) for failing to comply with requests for information on their pension obligations.

Last year the regulator warned companies that they could face fines or prison sentences if they fail to comply with legislation covering Personal Retirement Savings Accounts.

According to the Pensions Board the three companies “failed to comply with the Pensions Board's request, made by notice in writing to furnish the Pensions Board with information within the time limit specified”.

The background to the prosecution is the deadline of September 2003, by which time all employers were required to have entered a contract with a Personal Retirement Savings Account (PRSA) provider to allow access to at least one Standard PRSA.

PRSA should have benefited “excluded employees”, including those whose employer didn't offer them an occupational pension scheme.

Source: Investment & Pensions Europe