13/10/2011
By Ilonka Oudenampsen
Frank McGrath Construction Limited and the company’s two directors, Frank McGrath and Jerry Murphy, will have to repay its pension scheme €50,554.00, after it lost a court case against The Pensions Board in Ireland on Tuesday.
Summonses were struck out on the basis that the full pension contributions arrears (both employer and employee contributions) were fully discharged by the construction company prior to the Court date.
The repayment covers the full amount owed by the company to the scheme including employee and employer contributions which had not been remitted to the scheme. Employee contributions had been deducted from employee wages and not remitted to the trustees within the timeframe required by the Pensions Act 1990. The company has also agreed to discharge legal costs in the sum of €2,283.90 incurred by The Pensions Board.
Chief Executive of the Pensions Board Brendan Kennedy said: “This case should act as a warning to all employers and company directors that The Pensions Board treats the failure of the employer to remit pension contributions to the trustees of the pension scheme as a very serious offence. We advise any employer with outstanding pension contributions to immediately contact the pension scheme to regularise their position.”
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