Ireland’s Pensions Authority has published information on the annual compliance statement (ACS) for 2023 that is provided for under the Pensions Act.

Section 26T of the Pensions Act requires trustees to prepare an ACS no later than 31 January each year for the preceding year for the purposes of prudential supervision.

The ACS must be certified for accuracy and completeness by at least two trustees or in the case of a corporate trustee by at least two directors.

“Trustees will not be required to submit completed ACS forms to the authority until further notice unless requested to do so as part of the authority’s work,” it stated.

However, it said it will carry out sample checks and audits of trustees’ compliance with this obligation as part of its ongoing supervisory activity.

“Trustees are reminded that a failure to prepare an ACS may amount to an offence liable to a prosecution,” the authority added.

The form to be used for the 2023 ACS is available on the Pensions Authority website and needs to be completed by 31 January 2024.

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