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07 Oct 09: Pensions Ombudsman Memorandum of Understanding with Director of Corporate Enforcement

 

 
 
Pensions Ombudsman signs Memorandum of Understanding with Director of Corporate Enforcement.
 
 
The Pensions Ombudsman Mr Paul Kenny today, 7 October 2009, signed a Memorandum of Understanding with Mr Paul Appleby, the Director of Corporate Enforcement.
 
The purpose of this Memorandum is to facilitate the formal transfer of information between their two offices. The Office of the Pensions Ombudsman has similar Memoranda in place with the Pensions Board, the Financial Regulator and the Financial Services Ombudsman and with the UK Pensions Ombudsman.
 
Commenting on the signing of the Memorandum, Mr Kenny said he was pleased to formalise contacts between his Office and that of the Director of Corporate Enforcement. 
 
Mr Kenny said "during the course of my investigations, I can become aware of activities or actions by companies or company directors which I believe should be brought to the attention of the Office of the Director of Corporate Enforcement (ODCE). This is particularly so in case of smaller companies in the construction industry where a mandatory pension regime exists. Sometimes company directors believe, or are advised, that they can evade my investigation by closing down their company, possibly continuing on the business under a new company name. As I have demonstrated clearly in the past, such tactics will not curtail my investigation. In cases where pension contributions have been deducted from wages and not remitted to the pension scheme, I will make company directors personally liable for these debts. This new Memorandum formalises communications between Mr Appleby's Office and the Office of the Pensions Ombudsman so that the unacceptable behaviour of such directors will be brought to the attention of the ODCE.”
 
 
For further information contact Mr. Paul Kenny, Pensions Ombudsman at (01) 647 1650, or see www.pensionsombudsman.ie
 
 
7 October, 2009
 
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