AI Summary of 26K. Monitoring tools for financial condition of scheme or trust RAC.
The Pensions Authority is mandated to implement one or more monitoring tools aimed at identifying any deterioration in financial conditions affecting schemes or trust RACs. These monitoring mechanisms are crucial for ensuring early detection and timely remediation of issues.
Furthermore, when the Pensions Authority utilises these tools, it may require specific information from trustees of the concerned schemes or trust RACs. The responsibility lies with the trustees to furnish the requested information to facilitate effective oversight and compliance with regulatory expectations.
26K. Monitoring tools for financial condition of scheme or trust RAC.
(1) The Pensions Authority shall have in place one or more monitoring tools that enable it to identify deteriorating financial conditions in a scheme or trust RAC and to monitor how that deterioration is remedied.
(2) Where, in the application of a monitoring tool referred to in subsection (1), the Pensions Authority requires information for the purposes of that application in respect of a scheme or trust RAC, the trustees of such scheme or trust RAC shall provide the Pensions Authority with information requested by it for the purposes of that application.