The Pensions Board says there was a total active membership of 800,398 in occupational pension schemes on its register in 2007, up from 777,653 in 2006.
Launching its annual report today, the Pensions Board says it has about €80 billion of assets. The board also said that all pension administrators now have a registration deadline of November 1, 2008.
Today's report says the total number of PRSA contracts stood at 130,709 in 2007. The total value of these assets amounted to €1.25 billion, an increase of 50% compared to the same time the previous year.
During 2007, the board brought a total of four successful prosecutions against employers for failure to respond to its request for information in respect of their mandatory employer obligations under PRSAs. On the spot fines were also introduced to provide an alternative to prosecution.
At the report's launch today, the chief executive of the Pensions Board Brendan Kennedy said that 2007 was an extremely challenging but positive year for the board.
'Investment returns in 2007 for most pension schemes were disappointing and most schemes have seen the value of their assets fall in early 2008, reflecting losses in worldwide investment markets,' he said.
'As pensions are long-term savings, it is inevitable that there will be times of investment losses or uncertainty. It is important that scheme members are provided with adequate and understandable explanations of investment choices and risks,' he cautions.
