Module Code: H8PSLG
Long Title Pension Scheme Law and Governance
Title Pension Scheme Law and Governance
Module Level: LEVEL 8
EQF Level: 6
EHEA Level: First Cycle
Credits: 10
Module Coordinator: Deirdre Bane
Module Author:  
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Demonstrate a critical understanding of the nature and structure of trusts, trust law, the relationship between the parties and the application of trust deeds and rules.
LO2 Evaluate the role and duties of trustees imposed by equity and legislation and the corresponding trustee liabilities.
LO3 Demonstrate an integrated knowledge of legislation pertaining to pension schemes and the ability to research, interpret and apply the legislation in structured situations.
LO4 Problem solve and work as part of a team by exercising the duties & powers of a trustee, to critically analyse and develop appropriate decisions for given contemporary problems and scenarios
LO5 Expertly advice trustees on the legislative provisions, range of options and their corresponding duties, on the discontinuance of a pension scheme using appropriate technical language.
LO6 Critically assess the principles of pension scheme governance and articulate effective governance mechanisms to Trustees
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
Trust arrangements
• Concept of a trust & trust framework • Importance and function of a trust arrangement for pension schemes. • Distinction between a trust and contract arrangement • Benefits held under trust.
Trustees
• Role of a trustee. • Types of trustees • Trustee duties imposed by equity & legislation, trust deed & rules. • Conflict of duty & interest, standard of care. • Wider responsibilities of Trustees in the social context
Powers & Discretion of Trustees
• Trustee powers under legislation & trust deed & rules • Trustee discretion – wind-up, death in service, funding levels, advisor selection, investment strategy etc. • Investment powers • Power to delegate duties
Trust Constitution
• Formal establishment of a trust • Trust documentation– including interim & definite trust (key provisions), declaration of trust, letter of exchange, deeds of adherence, deed of succession • Varying a trust & considerations prior to making amendments • Scheme rules – structure & provisions
Appointment of Trustee & Delegation of Trustee Functions
• Appointment, removal and suspension of trustees • Original & future appointments, appointment by High Court/Pensions Board • Vesting of trust property
Trustee Liability
• Own Act or omission/ acts of co-trustees –legal liability of trustees • Breach of Trust Law , Pensions Act legislation – fines & prosecution • Indemnities • Trustee insurance
Pension Scheme Compliance
• Sources of Legislation. EU Directives. How Legislation is amended. • Pensions Act - structure of the Act. Amendments. Overview of provisions and application. • Finance Acts & Tax Consolidation Act – payment of benefits in accordance Legislation & Trust Deed & Rules. Deduct & remit Tax. Source & amendments. • Investment regulations • Anti-Discrimination & Protection of Employee Act – part time & fixed term. • Family Law Acts - Pension Adjustment Orders • Overview of IORPS – EU Directives. Cross Border Regulations
Scheme Wind –Up
• Closed versus winding up a pension schemes, full or partial wind up. • Member and wider social implications • Company insolvency – protection of scheme assets, receivership, liquidations & examinerships. Statement of affairs to trustee. Statutory declaration • Conflict of interest – trustee/employer same entity. Duty to creditors v’s fiduciary Duty. • Trust deed & rules. Pensions Act provisions including priority order & trustee obligations & declarations. • Procedure for winding up a Scheme • Scheme deficits/surplus – options, statutory obligation & protection • Pensions Insolvency Payment Scheme & Insolvency payment scheme
Scheme Governance
• Concept of governance. Purpose of good scheme governance • Statutory governance improvements – registered administrators, member trustees, trustee training etc.
Implementing Effective Governance
• Pension scheme objectives. • Implementing good governance structures– building blocks, trustee-fit for purpose, independent trustees/ trustee board & sub committees/advisers • Role of scheme actuaries, auditors & registered administrators • Clear responsibility/accountability. Documented procedures and policies, service level agreement/investment mandates, compliance check list. • Risk identification, management & controls o Effective reporting & monitoring o Acquire required resources/skills o Whistle blowing provisions/process • Review and Benchmark • Governance year planner & self-evaluation
Trustee Meetings
• Conducted in accordance with trust deed /company law/articles & memorandum of association • Role of chairperson & secretary • Attendance, frequency, quorums, conduct of business • Conflicts of interest & independence • Trustee decision and voting/Consensus • Written resolutions, documents, record keeping and minutes –importance
Assessment Breakdown%
Coursework40.00%
End of Module Assessment60.00%

Assessments

Full Time

Coursework
Assessment Type: Assignment % of total: 40
Assessment Date: n/a Outcome addressed: 1,2,4,5
Non-Marked: No
Assessment Description:
Group Assignment
End of Module Assessment
Assessment Type: Terminal Exam % of total: 60
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,5,6
Non-Marked: No
Assessment Description:
End-of-Semester Final Examination
No Workplace Assessment
Reassessment Requirement
Repeat failed items
The student must repeat any item failed

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 3 Every Week 3.00
Assignment No Description 70 Once per semester 5.83
Independent Learning Time No Description 120 Once per semester 10.00
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Irish Institute of Pensions Management. (2010), Governance & Compliance.
  • The Pensions Authority. (2013), Trustee Handbook, 4th.
  • Finucane, K., Buggy, B and Tighe, U.. (2006), Irish Pensions law and practice, 2nd. Thomson Round Hall.
  • Delaney H.,. (2007), Equity and the Law of Trusts in Ireland, Roundhall.
  • Kennedy D. & Maguire E.. Irish Family Law Handbook, 3rd. Tottel Publishing.
  • Duffy D.W., McCarthy J.. (2004), The Management of Management - a practical guide to Corporate Governance, Prospectus.
  • National Association of Pension Funds. (2004), Pension Scheme Governance – fit for 21st Century, NAPF.
  • OECD. (2009), OECD Guidelines for Pension Fund Governance.
Supplementary Book Resources
  • Solomon J.. (2010), Corporate Governance & Accountability, 3rd. Wiley.
  • Irish Institute of Taxation. (2012), Pensions: Revenue, Law & Practice Finance Act 2012.
  • Dunlop, A.. (1999), Corporate Governance & Control, The Chartered Institute of Management Accounts.
  • Forde M. & Byrne P.A.. Employment Law, Roundhall.
This module does not have any article/paper resources
Other Resources
  • [Website], www.betterregulation.com – Irish Pensions Law section.
  • [Website], http://www.revenue.ie/en/about/foi/s16/p ensions/index.html.
  • [Website], http://www.pensionsauthority.ie.
  • [Website], http://www.iapf.ie/.
  • [Website], http://www.pensionsombudsman.ie/cms/inde x.php.
  • [Website], www.worldbank.com.
  • [Website], www.oecd.com.
Discussion Note: