The Pensions Authority is to apply to remove a company as trustee of around 180 pension schemes following concerns raised by whistleblowers about the finances of the firm, the High Court was told.
An injunction granted last week preventing Source Pensions, Warrington Place, Dublin, from disposing of any resources in those schemes was varied yesterday to allow fund managers to continue to deal with the schemes.
They involve around €80m in client funds and about 900 members. An investigation by the authority is ongoing.
James Devlin SC, for the authority, said an application will be made next week to remove Source Pensions as trustee and replace the firm with a new trustee.
It may seek suspension and replacement of the company.
While so far, 185 schemes had been identified as being involved, Source Pensions was currently not acting for seven of them, counsel said.
Joe Jeffers BL, for Source Pensions, said there was consent to vary last week's order.
Mr Justice Paul Gilligan continued the order with the variations as agreed.
The court was told last week that two Source Pensions former employees, including a director, raised concerns under the "whistleblowing provision" of the 1990 Pensions Act.
They related to the financial position of the firm and the extent of its compliance with its pension obligations. The authority has concern about a €500,000 loan of client monies to the company.
Director Adrian Daly, who controls the firm, confirmed the loan had been taken out but said it was not unauthorised or improper. The authority disagreed.