Ireland's Pensions Authority has called on trustees to ensure accurate and timely data submissions following the launch of its Integrated Pension System (IPS).

The IPS has introduced new processes for the submission and validation of pension scheme data.

The authority noted that trustees remained responsible for making sure all data submitted was accurate, complete, and on time, including where these tasks are carried out by a registered administrator (RA).

Trustees were urged to ensure there was an up-to-date service level agreement between the scheme and the RA covering the submission of data to the authority.

Furthermore, they were told to make sure their RA submits all required data through the IPS on time, that submissions comply with data specifications and validation rules, and any validation errors were addressed promptly and resubmitted.

“Accurate and timely data is essential for effective risk-based supervision,” the authority said.

“With the introduction of IPS, the authority will validate submissions and notify users of any validation failures.

“Trustees and their administrators are responsible for correcting errors and resubmitting data where required.”

Any submissions that fail validation will not be accepted and treated as if they had not been made, with validation only confirming that a submission is technically valid and not whether the data is accurate.

Concerns about the quality of data submitted on behalf of many trustees have been previously raised by the authority, which emphasised it expected standards to improve.

“Trustees and their administrators should also note that the same standards will apply to upcoming EIOPA XBRL reporting requirements,” the authority added.

“Failure to submit required data within the prescribed timeframe constitutes a breach of the Pensions Act and may result in supervisory or enforcement action by the authority.”

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