Pension scheme administrators should be registered and supervised and receive training every two years, according to the Pensions Board.
The recommendations are part of the board's Report on Trusteeshippublished today. It is a detailed review of the trust model of pension-scheme governance and examines the role of trustees in occupational pension schemes.
The report concludes that the current trust model should be retained as it continues to offer protections to pension schemes.
However, it makes a number of recommendations to improve the administration of occupational pension schemes and member protection.
These include making service level agreements compulsory between trustees and administrators; giving the Pensions Board power to appoint a trustee or authorise an administrator to carry out wind-up procedures where appropriate; and documenting what training trustees have received in the trustee annual report.
Brendan Kennedy, chief executive of the Pensions Board said: "Trustees and scheme administrators look after about €80 billion of retirement savings on behalf of pension scheme members.
"This report makes important recommendations, designed to enhance administration standards. The main recommendation concerns the regulation and supervision of pension scheme administrators and associated disciplinary powers for the Board."
The full text of the Report is available on the Pensions Board's website www.pensionsboard.ie