Automatic Enrolment Retirement Savings System Act 2024

Automatic Enrolment Retirement Savings System Act 2024 Permanent Page URL View by Section Amharc de réir Ailt View Full Act Amharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDF Oscail PDF Priontáil an tAcht Iomlán Previous Section Alt Roimhe Next Section An Chéad Alt Eile Priontáil an tAlt 20 2024 AUTOMATIC ENROLMENT RETIREMENT SAVINGS SYSTEM ACT 2024 PART 1 Preliminary and General 1. Short title and commencement 2. Definitions 3. Regulations 4. Service of documents 5. Expenses PART 2 An Túdaráa NáisiÚnta um Uathrollú Coigiltis Scoir Chapter 1 Establishment of An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir 6. Definitions (Part 2) 7. Establishment day 8. An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir 9. Functions of Authority Chapter 2 Board of Authority 10. Establishment of Board 11. Membership of Board 12. Term of office 13. Conditions of membership of Board 14. Membership of either House of Oireachtas, European Parliament or local authority 15. Ineligibility to become and disqualification to act as member of Board 16. Removal of member of Board 17. Meetings 18. Audit and risk committee 19. Investment committee 20. Other committees 21. Remuneration and expenses of members of Board and committees of Board 22. Disclosure of interests by member of Board or of committee of Board 23. Disclosure of interests by members of staff of Authority or other persons 24. Prohibition on unauthorised disclosure of confidential information Chapter 3 Staff of Authority, engagement of consultants, advisers and service providers 25. Appointment of chief executive 26. Functions of chief executive 27. Delegation of functions 28. Membership of either House of Oireachtas, European Parliament or local authority 29. Removal of chief executive 30. Staff of Authority 31. Engagement of consultants and advisers 32. Engagement of service providers Chapter 4 Funding, reporting and accountability 33. Appearance before Public Accounts Committee 34. Appearances before committees of Houses of Oireachtas 35. Expenses of Authority 36. Power to borrow 37. Statement of strategy 38. Annual plan 39. Accounts and audits 40. Annual report 41. Request from Minister to Authority for report 42. Production of statistical data 43. Power to monitor, review and make recommendations Chapter 5 Supervisory report by Pensions Authority 44. Supervisory report by Pensions Authority 45. Preparation and submission of supervisory report by Pensions Authority 46. Annual fee payable to Pensions Authority PART 3 Enrolment and Contributions Chapter 1 47. Interpretation (Part 3) 48. Death of employer Chapter 2 49. Participants 50. Automatic enrolment 51. Exempt employment 52. Standards for purposes of section 51 53. Right to opt in 54. Right to opt-out 55. Automatic re-enrolment 56. Power to amend age limits and earnings threshold Chapter 3 57. Contributing participants 58. Contributions 59. Payment of participant contribution and employer contribution 60. Payment of State contribution 61. Rates of contribution 62. Suspension of contributions 63. Repayment of contributions on opting out 64. Repayment of contributions in prescribed circumstances 65. Power to amend earnings limit Chapter 4 Further power to make regulations 66. Further power to make regulations PART 4 67. Definitions (Part 4) 68. Investment management providers 69. AE provider schemes and risk levels 70. Assignment of contributions to appropriate risk level 71. Power to provide for selection of more than one risk level 72. Investment of contributions 73. Transfer between AE provider schemes 74. Investment rules 75. Contractual provision on environmental and other matters 76. Participants’ accounts 77. Amendment of Investment Intermediaries Act 1995 PART 5 Payment out of Accounts Chapter 1 Interpretation and general 78. Interpretation (Part 5) 79. Notification and verification of death 80. Provision of benefits under arrangements made by Authority Chapter 2 Payment, other than early payment, to or in respect of participant 81. Redemption date 82. Redemption of units 83. Payment to participant at or after pensionable age 84. Payment in the event of death of participant Chapter 3 Early payment on grounds of incapacity or exceptional ill-health 85. Application for early payment on grounds of incapacity or exceptional ill-health 86. Redemption of units for early payment 87. Making of early payment 88. Procedure for applications and payments under Chapter 3 Chapter 4 Unclaimed balances 89. Interpretation (Chapter 4) 90. Unclaimed balances 91. Notice of unclaimed balance 92. Publication of notice 93. Transfer of moneys to Dormant Accounts Fund 94. Register of unclaimed balances 95. Disclosure of information for statistical purposes 96. Rights of participants 97. Application for unclaimed balance 98. Confidentiality 99. Statement of compliance PART 6 Communications and Services 100. Definitions (Part 6) 101. Electronic system to be used by default 102. Provision of information to public by Authority 103. Provision for communications and services otherwise than online 104. Powers to make provision for purposes of communications and services 105. Participants’ annual statements 106. Amendment and application of Freedom of Information Act 2014 PART 7 Information Sharing and data Protection 107. Definition (Part 7) 108. Information sharing 109. Disclosure of certain information to Minister for Enterprise, Trade and Employment, etc. 110. Amendment of Social Welfare Consolidation Act 2005 111. Processing of personal data and special categories of personal data 112. Regulations for purposes of data protection PART 8 Reviews and Appeals 113. Definitions (Part 8) 114. Determinations subject to internal review 115. Appeals officer 116. Appeals 117. Appeal to High Court 118. Effect of decision 119. Amendment of Financial Services and Pensions Ombudsman Act 2017 PART 9 Compliance and Enforcement Chapter 1 120. Interpretation (Part 9) Chapter 2 Authorised officers and compliance 121. Authorised officers 122. Powers of authorised officers 123. Compliance notice 124. Fixed payment notice 125. Legal privilege 126. Authority may publish information respecting certain persons Chapter 3 Penalisation and hindering of employees 127. Protection of employees from penalisation 128. Hindering employee from participating in automatic enrolment Chapter 4 Workplace relations 129. Decision under section 41 or 44 of Act of 2015 130. Amendment of Act of 2015 Chapter 5 131. Offences in relation to contributions 132. Offences and penalties 133. Summary proceedings 134. Costs 135. Time limit for instituting summary proceedings 136. Admissibility of certain documents in proceedings for offence 137. Presumptions in proceedings for offence Chapter 6 138. Interest on arrears of contributions 139. Court may order employer or employee to pay arrears of contributions 140. Forgery of documents 141. Recovery of moneys Central Bank Act 1942 (No. 22) Civil Legal Aid Act 1995 (No. 32) Civil Service Regulation Act 1956 (No. 46) Companies Act 2014 (No. 38) Comptroller and Auditor General (Amendment) Act 1993 (No. 8) Data Protection Act 2018 (No. 7) Ethics in Public Office Act 1995 (No. 22) European Parliament Elections Act 1997 (No. 2) Financial Services and Pensions Ombudsman Act 2017 (No. 22) Freedom of Information Act 2014 (No. 30) Interpretation Act 2005 (No. 23) Investment Intermediaries Act 1995 (No. 11) Local Government Act 2001 (No. 37) Pensions Act 1990 (No. 25) Personal Injuries Resolution Board Act 2022 (No. 42) Petty Sessions (Ireland) Act 1851 (14 & 15 Vict., c. 93) Protected Disclosures (Amendment) Act 2022 (No. 27) Protected Disclosures Act 2014 (No. 14) Public Service Management (Recruitment and Appointments) Act 2004 (No. 33) Safety, Health and Welfare at Work Act 2005 (No. 10) Social Welfare Consolidation Act 2005 (No. 26) Student Support Act 2011 (No. 4) Succession Act 1965 (No. 27) Taxes Consolidation Act 1997 (No. 39) Unit Trusts Act 1990 (No. 37) Work Life Balance and Miscellaneous Provisions Act 2023 (No. 8) Workplace Relations Act 2015 (No. 16) 20 2024 AUTOMATIC ENROLMENT RETIREMENT SAVINGS SYSTEM ACT 2024 An Act to provide for the establishment of a body to be known as An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir ; to provide for that body to establish, maintain and administer an automatic enrolment retirement savings system for employees in employment not covered by qualifying schemes; to provide for automatic enrolment and re-enrolment of participants in that system and for opting into and out of the system; to provide for payment of contributions by participants, their employers and the State, the investment of contributions and the payment of retirement savings out of participants’ accounts; to provide for the consequential amendments of certain enactments; and to provide for related matters. th July , 2024] Be it enacted by the Oireachtas as follows: