The Pensions Board is investigating a number of pension schemes in relation to possible breaches of disclosure regulations, according to its chief executive, Ms Anne Maher. The board introduced random audits of company pension schemes earlier this year and has already identified some breaches of disclosure rules, she told a seminar in UCD yesterday.

The Pensions Board has signalled to the trustees of pension schemes that any non-compliance with statutory disclosure regulations may result in prosecutions, according to Ms Maher. Under the Pensions Act, trustees of schemes must give certain information to scheme members about their personal entitlements. Information about the running of a scheme and its financial situation must also be made available.

There are 50,551 pensions schemes covering 501,400 members registered with the board. "The overwhelming majority of these schemes run smoothly, however a good regulatory institution must be seen not only to bark, but to bite when necessary," according to Ms Maher.

The board is determined to use its full powers whenever necessary, she said. The board selects about 200 pension schemes a year for audit in relation to compliance with disclosure regulations.