Ireland's Pensions Authority has published its supervisory activities report for 2024.

The purpose of the report was to share observations on the key findings identified during the authority’s 2024 supervisory activities, which included the introduction of the supervisory review process (SRP) for several multi-employer master trusts and defined benefit (DB) and defined contribution (DC) schemes, ongoing engagement with all MTs and a number of larger DB and DC schemes, compliance audits for DB, DC schemes, PRSA providers and RA and trustee on-site inspections.

Section 26J of the Pensions Act requires the authority to conduct a supervisory review of the strategies, processes, and reporting procedures established by pension scheme trustees.

The review consists of an assessment by the authority of a scheme’s system of governance, the risks that the scheme faces and the ability of the trustees to manage those risks.

The authority began its review programme in 2024 by selecting six master trusts, one large DC and one large DB scheme.

The SRP assesses data and documents relating to six specific risk areas: Governance, operations, risk management, communications, investment, and fees.

While the report's details were not exhaustive, the authority said it expected all trustee boards and their advisers to consider the findings and evaluate their practices to determine whether any improvements are required.

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