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AUTOMATIC ENROLMENT RETIREMENT SAVINGS SYSTEM ACT 2024

Type Act

Publication 2024-07-09

Last updated 2026-06-01

State In force

Text Latest available text

Source Irish Statute Book

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articles 141

This is the most recent text the official source publishes. It is not a snapshot of the law as it stood on the date of each change.

3 amending acts · 2026-06-01, revised-IE-2024-act-20@2026-06-01

Bill entitled 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.

Reform history JSON API

(vii) procedures for the engagement and oversight of service providers under section 32,

and

(i) the appropriateness of the provision made by section 105 as to the information to be provided to participants,

(ii) the suitability of the composition of the Board having regard to the knowledge and experience of its members in matters connected to—

(I) the functions of the Authority, and

(II) organisational governance, management, financial administration and financial investment,

(iii) the suitability of the composition of the audit and risk committee and the investment committee, having regard to the relevant expertise and experience of its members,

(iv) the appropriateness of the fees payable to the Authority pursuant to regulations made under section 35, and

(v) the risks that may affect the automatic enrolment retirement savings system and the ability of the Authority to assess and manage those risks.

(3) A supervisory report shall, in so far as is practicable, take into account developments in matters referred to in subsection (2) since the end of the reporting period.

(4) Where the Pensions Authority, by notice in writing, requires the Board to supply, within a reasonable period specified in the notice, information specified in the notice which it requires for the purpose of preparing a supervisory report, the Board shall provide the Pensions Authority with the information within that period.

(5) A supervisory report shall contain—

(a) the Pensions Authority’s findings on its review under subsection (2),

(b) its assessment at the date of the report of the arrangements referred to in subparagraph (i) to (vii) of subsection (2)(b),

(c) its assessment at the date of the report of the operation and effectiveness of this Act, including the matters referred to in subparagraph (i) to (v) of subsection (2)(c), and

(d) any recommendations the Pensions Authority considers appropriate in relation to matters referred to in subsection (2).

(6) In this section, “reporting period” means—

(a) where the period beginning with F2[the establishment day] and ending with 31 December in the same year is not less than 6 months, that period, or

(b) where the period beginning with F3[the establishment day] and ending with 31 December in the same year is less than 6 months, that period together with the following year,

and each subsequent year.

45. Preparation and submission of supervisory report by Pensions Authority

45. (1) Before submitting a supervisory report to the Minister the Pensions Authority shall, not later than 31 March after the reporting period to which the report relates, send the Board a draft of the report.

(2) A draft report submitted under subsection (1) shall be accompanied by—

(a) a copy of any material relied on by the Pensions Authority in preparing the draft report, and

(b) a notice in writing stating that the Board may, not later than 6 weeks from the date on which it receives the notice, or such further period as the Pensions Authority considers necessary, make submissions in writing to the Pensions Authority on the draft report.

(3) The Pensions Authority shall, as soon as is practicable after the expiration of the period referred to in subsection (2)(b), and having considered any submissions made in accordance with the notice under that subsection, make any revisions to the draft report which in the opinion of the Pensions Authority are warranted, and finalise the report.

(4) The Pensions Authority shall include as an appendix to the report a copy of any submissions made under subsection (2)(b).

(5) The Pensions Authority shall submit the report to the Minister as soon as is practicable after it has been finalised and not later than 30 June after the reporting period to which it relates.

(6) When the Pensions Authority submits the report to the Minister, it shall also send a copy of it to the Board.

(7) The Minister shall, as soon as may be after receiving a report under subsection (5), cause copies of the report to be laid before each House of the Oireachtas.

(8) The Minister shall, not later than 6 weeks after receiving a report under subsection (5), send a copy of the report to the Comptroller and Auditor General.

(9) In this section, “reporting period” and “supervisory report” have the same meaning as in section 44.

46. Annual fee payable to Pensions Authority

46. (1) The Authority shall pay an annual fee to the Pensions Authority.

(2) The fee shall be paid out of moneys at the disposal of the Authority.

(3) The Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, prescribe the amount of the fee.

PART 3 Enrolment and Contributions

Chapter 1 Preliminary

47. Interpretation (Part 3)

47. (1) In this Part—

“emoluments” means emoluments, within the meaning of Chapter 4 of Part 42 of the Taxes Consolidation Act 1997, to which that Chapter applies;

“employee” means any person in receipt of emoluments;

“employer” means any person paying emoluments (and, in relation to an employee, means the person paying emoluments to the employee);

“exempt employment” has the meaning given by section 51;

“gross pay” and “total gross pay” shall be construed in accordance with subsections (2) and (3);

“opt-out date” shall be construed in accordance with section 54(3) and references to having opted out shall be construed accordingly;

“payroll notification” means a notification that—

(a) is issued by the Authority to an employer in respect of an employee, and

(b) contains information relating to the calculation and deduction of contributions in accordance with this Part;

“years 1 to 3” means the period of 3 years beginning with the date on which section 61 comes into operation;

“years 4 to 6” means the period of 3 years immediately following years 1 to 3;

“years 7 to 9” means the period of 3 years immediately following years 4 to 6.

(2) References in this Part to a person’s gross pay in relation to a payment of emoluments, in a case where regulations under Chapter 4 of Part 42 of the Taxes Consolidation Act 1997 require the person’s employer to notify an amount to the Revenue Commissioners, on or before making a payment, as the person’s gross pay, are references to the amount that the regulations require to be notified.

(3) Where subsection (2) does not apply, references in this Part to a person’s gross pay in relation to a payment of emoluments are references to the amount calculated by the Authority, on the basis of information required to be notified by the person’s employer to the Revenue Commissioners, as the emoluments of that person in the period to which the payment of emoluments relates—

(a) taking into account, in the case of emoluments to which section 985A of the Taxes Consolidation Act 1997 applies, the amount of notional payments which subsection (2) of that section treats the employer as making, and

(b) without deducting amounts that fall to be deducted for any reason by the employer from the payment of emoluments.

(4) For the purposes of this Part, a person’s total gross pay in a period is the sum of the amounts of the person’s gross pay in relation to all payments of emoluments in the period.

(5) References in this Part to payments of emoluments include references to payments on account of emoluments.

48. Death of employer

48. Where an employer dies, anything which the employer would have been liable to do under this Part shall be done by the employer’s personal representative, or, in the case of an employer who paid emoluments on behalf of another person, by the person succeeding the employer or, if there is no such person, the person on whose behalf the employer paid emoluments.

Chapter 2 Enrolment

49. Participants

49. For the purpose of this Act, a person becomes a participant on the enrolment date assigned to that person under section 50(1) or 53(1).

50. Automatic enrolment

50. F4[(1) Where the Authority determines that a person satisfies the conditions for enrolment in any pay reference period, the Authority shall assign the last day of that period or such later date as the Authority may determine, being not later than 31 days after the last day of the pay reference period concerned as the person’s enrolment date.]

(2) The conditions for enrolment for any pay reference period are—

(a) that on the last day of the pay reference period the person is aged at least 23 years and under 60 years,

(b) that on that day the person is an employee in employment that is not exempt employment, and

(c) that the person’s total gross pay in all employments, including exempt employments, in the pay reference period is not less than the earnings threshold.

(3) The earnings threshold for the purposes of subsection (2)(c) is:

(a) where the pay reference period is a year,€20,000;

(b) where the pay reference period is more or less than a year, an amount proportionately more or less than€20,000.

(4) For the purposes of this section, a “pay reference period” in any circumstances means a period determined by the Authority as a pay reference period in relation to those circumstances.

(5) A pay reference period may be a period beginning before the commencement of this section.

(6) Where under subsection (1) the Authority determines that a person satisfies the conditions for enrolment, the Authority shall give notice of the determination and of the enrolment date to any person treated for the purposes of the determination as that person’s employer in employment that is not exempt employment.

F5[(7) An employer to whom notice is given under subsection (6) shall, as soon as may be, but not later than 14 days after receipt of the notice, give notice of the determination and the enrolment date to the employee concerned.]

(8) An employer to whom notice is given under subsection (6), who fails to give notice of the determination and the enrolment date in accordance with subsection (7), is guilty of an offence.

51. Exempt employment

51. (1) For the purposes of this Act, an employee’s employment is exempt employment at any time if at that time—

(a) it satisfies the employee contributions test under subsection (2), or

(b) it satisfies the employer contributions test under subsection (3).

(2) For the purposes of subsection (1), an employment satisfies the employee contributions test at any time if—

(a) the employee’s emoluments in respect of employment at that time in that employment are subject to the deduction of amounts for the purpose of the employee making contributions for the benefit of the employee to a qualifying occupational pension scheme, qualifying PRSA, qualifying trust RAC or qualifying PEPP, and

(b) under regulations under Chapter 4 of Part 42 of the Taxes Consolidation Act 1997 the deduction of amounts referred to in paragraph (a) is required to be notified by the employer to the Revenue Commissioners on or before making a payment of emoluments in respect of the employment.

(3) For the purposes of subsection (1), an employment satisfies the employer contributions test at any time if—

(a) the employer makes contributions for the benefit of the employee, in respect of the employment of the employee at that time in that employment, to a qualifying occupational pension scheme, qualifying PRSA, qualifying trust RAC or qualifying PEPP, and

(b) under regulations under Chapter 4 of Part 42 of the Taxes Consolidation Act 1997 the payment of contributions referred to in paragraph (a) is required to be notified by the employer to the Revenue Commissioners on or before making a payment of emoluments in respect of the employment.

(4) For the purpose of this section, a “qualifying occupational pension scheme” means—

(a) if standards in relation to occupational pension schemes apply for the purposes of this section under regulations made under section 52, an occupational pension scheme which meets those standards, or

(b) in any other case, any occupational pension scheme.

(5) For the purpose of this section, a “qualifying PRSA” means—

(a) if standards in relation to PRSAs apply for the purposes of this section under regulations made under section 52, a PRSA which meets those standards, or

(b) in any other case, any PRSA.

(6) For the purpose of this section, a “qualifying trust RAC” means—

(a) if standards in relation to trust RACs apply for the purposes of this section under regulations made under section 52, a trust RAC which meets those standards, or

(b) in any other case, any trust RAC.

(7) For the purpose of this section, a “qualifying PEPP” means—

(a) if standards in relation to PEPPs apply for the purposes of this section under regulations made under section 52, a PEPP which meets those standards, or

(b) in any other case, any PEPP.

(8) In this section and section 52, “occupational pension scheme”, “PRSA” and “trust RAC” have the meaning given by section 2(1) of the Pensions Act 1990, and “PEPP” has the same meaning as in Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 2019¹.

52. Standards for purposes of section 51

52. (1) The Authority, in consultation with the Pensions Authority, shall draw up—

(a) standards to apply for the purposes of section 51 in relation to occupational pension schemes,

(b) standards to apply for the purposes of section 51 in relation to PRSAs,

(d) standards to apply for the purposes of section 51 in relation to PEPPs.

(2) The standards drawn up under this section shall relate to levels of contribution by employers and employees, and any other matter that the Authority, in consultation with the Pensions Authority, considers appropriate.

(3) In drawing up standards under this section, the Authority—

(a) shall have regard to the operation of this Act in relation to participants, and

(b) shall aim to secure that the standards drawn up, as they affect employees in respect of whom contributions are made to a qualifying occupational pension scheme, qualifying PRSA, qualifying trust RAC or qualifying PEPP, are at least as favourable as corresponding standards affecting employees who are participants under this Act.

(4) The Authority, in consultation with the Pensions Authority, shall keep under review and may from time to time revise the standards drawn up under this section.

(5) Where standards are drawn up or revised under this section, the Minister may by regulations make provision setting out the standards and providing for them to apply for the purposes of section 51 from a date prescribed by the regulation.

(6) The Authority and the Minister shall exercise their functions under this section with a view to ensuring that the first standards drawn up under each of paragraphs (a), (b), (c) and (d) of subsection (1) apply for the purposes of section 51 from a date no later than the beginning of years 7 to 9.

53. Right to opt in

53. (1) Where a person who is not a participant makes an application under this section and the Authority determines by reference to a date (the “proposed enrolment date”) that the person is entitled under subsection (2) to opt in, the Authority shall assign that date as the person’s enrolment date.

(2) A person is entitled under this subsection to opt in if on the proposed enrolment date—

(a) the person has reached the age of 18 years and is under pensionable age, and

(b) the person is an employee in employment that is not exempt employment.

(3) Where a participant who has opted out makes an application under this section and the Authority determines by reference to a date (the “proposed re-enrolment date”) that the participant is entitled under subsection (4) to opt in, the Authority shall assign that date as the person’s re-enrolment date.

(4) A participant is entitled under this subsection to opt in if on the proposed re-enrolment date the participant—

(a) is under pensionable age, and

(b) is an employee in employment that is not exempt employment.

(5) Where the Authority determines under subsection (1) or (3) that a person is not entitled to opt in, it shall refuse the application and notify the participant in writing of the refusal.

(6) A notice under subsection (5) shall—

(a) give the reasons for the refusal, and

(b) state that the person is entitled to a review of the determination under section 114.

(7) Where the Authority determines under subsection (1) or (3) that a person is entitled to opt in, the Authority shall give notice of the determination and of the enrolment date referred to in subsection (1) or the re-enrolment date referred to in subsection (3) to any person treated for the purposes of the determination as that person’s employer in employment that is not exempt employment.

F6[(8) An employer to whom notice is given under subsection (7) shall, as soon as may be, but not later than 14 days after receipt of that notice, give notice of the determination and the enrolment date or re enrolment date, as the case may be, to the employee concerned.]

(9) An employer to whom notice is given under subsection (7), who fails to give notice of the determination and the enrolment date or re-enrolment date in accordance with subsection (8), is guilty of an offence.

54. Right to opt-out

54. (1) Where a participant makes an application to the Authority under this section in an opt out window, the Authority shall assign a date as the participant’s opt-out date.

(2) Each of the following is an “opt-out window”:

(a) the period which is more than 6 months but not more than 8 months after the date on which notice of enrolment is given to the participant under section 50(7);

(b) the period which is more than 6 months but not more than 8 months after the date on which notice of re-enrolment is given to the participant under section 55(3);

(d) the period which is more than 6 months but not more than 8 months after the end of years 4 to 6;

(e) the period which is more than 6 months but not more than 8 months after the end of years 7 to 9.

(3) In this Part—

(a) “opt-out date”, in relation to a person, means a date assigned under subsection (1) as the person’s opt-out date, and

(b) a participant is treated as having opted out for the period beginning with the opt out date and ending with any subsequent re-enrolment date.

55. Automatic re-enrolment

55. (1) Where a person has opted out, and the Authority determines by reference to a date (the “proposed re-enrolment date”) that the person satisfies the conditions for re enrolment, the Authority shall assign that date as the person’s re-enrolment date.

(2) A person satisfies the conditions for re-enrolment if—

(a) the proposed re-enrolment date is after the period of 2 years beginning with the opt-out date,

(b) on the proposed re-enrolment date the person is under pensionable age, and

(3) Where under subsection (1) the Authority determines that a person satisfies the conditions for re-enrolment, the Authority shall give notice of the determination and of the re-enrolment date to—

(a) that person, and

(b) any person treated for the purposes of the determination as that person’s employer in employment that is not exempt employment.

56. Power to amend age limits and earnings threshold

56. (1) The Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform—

(a) prescribe a different age than an age specified in section 50(2)(a);

(b) prescribe a different amount than the amount specified in section 50(3);

(2) The age or amount prescribed under subsection (1) shall be such as the Minister considers appropriate having regard to the following:

(a) the general state of society and of the economy;

(b) the public interest and the interests of employees and employers;

(i) on society and the economy, and

(ii) on employees or employers, generally or in particular sectors or particular kinds of employment;

(d) annual and quarterly data on earnings and labour costs published by the Central Statistics Office;

(e) expert opinion, research and national or international reports that the Minister considers relevant relating to the matters referred to in paragraphs (a) to (d);

(f) the views of the Authority;

(g) the views of trade unions and of employer representative bodies;

(h) any other matters the Minister considers relevant.

Chapter 3 Contributions

57. Contributing participants

57. (1) For the purposes of this Act, subject to subsections (2) and (3), a participant who is under pensionable age is a contributing participant.

(2) A participant who has opted out—

(a) ceases to be a contributing participant on the opt-out date, and

(b) if assigned a re-enrolment date, becomes a contributing participant again on that date.

(3) A participant who suspends contributions under section 62 ceases to be a contributing participant for the period of suspension.

58. Contributions

58. (1) In the case of each contributing participant—

(a) a participant contribution,

(b) an employer contribution, and

shall, subject to subsection (3), be paid to the Authority at the appropriate rate on the participant’s gross pay in relation to each payment of emoluments in each employment that is not an exempt employment.

(2) The appropriate rate of any contribution is the rate determined by section 61.

(3) Where a payment of emoluments is made to a participant on any day in a financial year, no contribution is payable on so much of the participant’s gross pay in relation to that payment as, taken with the participant’s total gross pay, in all employments that are not exempt employments, in the part of the financial year before that day, exceeds€80,000.

(4) The information necessary for the calculation and payment of contributions payable under this section shall be notified by the Authority—

(a) by a payroll notification to the employer, in the case of participant contributions and employer contributions, and

(b) by a notification under section 60 to the Minister, in the case of State contributions.

(5) A payroll notification or notification under section 60 may include, in the calculation of contributions to which it relates, an adjustment for any error in the amount of past contributions.

59. Payment of participant contribution and employer contribution

59. (1) Where an employer of a participant has received a payroll notification relating to the participant, the employer shall, in accordance with the notification, on or before making any payment of emoluments to the participant—

(a) calculate the participant contribution payable in respect of the payment of emoluments,

(b) deduct the amount of the contribution from the emoluments, and

(2) An employer at the same time as paying any participant contribution in respect of the payment of emoluments, shall, in accordance with the payroll notification referred to in subsection (1)—

(a) calculate the employer contribution payable in respect of the payment of emoluments, and

(b) pay the contribution to the Authority.

(3) Where an employer pays to the Authority a contribution deducted from emoluments in accordance with subsection (1), the employer is acquitted and discharged of the sum represented by the contribution as if the employer had actually paid that sum to the employee.

60. Payment of State contribution

60. Where the Minister receives a notification from the Authority relating to State contributions payable in respect of a participant, the Minister shall in accordance with the notification—

(a) calculate the contributions payable, and

(b) pay the contributions to the Authority.

61. Rates of contribution

61. (1) The rate of participant contributions and employer contributions in respect of a contributing participant in any employment shall be:

(a) for a payment of emoluments in years 1 to 3, 1.5 per cent;

(b) for a payment of emoluments in years 4 to 6, 3 per cent;

(d) for a payment of emoluments after the end of years 7 to 9, 6 per cent.

(2) The rate of State contributions in respect of a contributing participant shall be:

(a) for a payment of emoluments in years 1 to 3, 0.5 per cent;

(b) for a payment of emoluments in years 4 to 6, 1 per cent;

(d) for a payment of emoluments after the end of years 7 to 9, 2 per cent.

62. Suspension of contributions

62. (1) A participant may suspend contributions in accordance with this section.

(2) A period of suspension may begin at any time that is—

(a) not less than 6 months after the enrolment date or any re-enrolment date of the participant, and

(b) not less than 6 months after the end of any earlier period of suspension.

(3) A period of suspension ends:

(a) on any date notified by the participant to the Authority;

(b) if no date is notified under paragraph (a), at the end of the period of 2 years beginning with the start of the period.

(4) A date notified under subsection (3)(a) shall be not less than one year and not more than 2 years after the start of the period of suspension.

(5) The Authority may specify, and publish on a website maintained by or on behalf of the Authority, the procedure for suspending contributions or ending a period of suspension, including requirements as to—

(a) the form and content of a notice from a participant to suspend contributions or end a period of suspension, and

(b) the period within which the notice shall be given.

63. Repayment of contributions on opting out

63. (1) Where a participant has opted out, the Authority shall repay to the participant, subject to subsection (3), the participant contributions paid by the participant in respect of payments of emoluments in the mandatory participation period.

(2) In subsection (1), the “mandatory participation period” means—

(a) where the participant opted out in the opt-out window referred to in section 54(2)(a), the period beginning with the enrolment date and ending with the opt-out date,

(b) where the participant opted out in the opt-out window referred to in section 54(2)(b), the period beginning with the re-enrolment date referred to in section 54(2)(b) and ending with the opt-out date,

(c) where the participant opted out in the opt-out window referred to in section 54(2)(c), the period beginning with the first day after years 1 to 3 and ending with the opt-out date,

(d) where the participant opted out in the opt-out window referred to in section 54(2)(d), the period beginning with the first day after years 4 to 6 and ending with the opt-out date, and

(e) where the participant opted out in the opt-out window referred to in section 54(2)(e), the period beginning with the first day after years 7 to 9 and ending with the opt-out date.

(3) Where the participant opted out in an opt-out window referred to in section 54(2)(c), (d) or (e), only the additional amount of a participant contribution shall be repaid under subsection (1).

(4) In subsection (3), the “additional amount” of a participant contribution is:

(a) where the participant opted out in the opt-out window referred to in section 54(2)(c), the difference between the contribution paid and the contribution that would have been payable if the rate applicable in years 1 to 3 continued to apply;

(b) where the participant opted out in the opt-out window referred to in section 54(2)(d), the difference between the contribution paid and the contribution that would have been payable if the rate applicable in years 4 to 6 continued to apply;

(c) where the participant opted out in the opt-out window referred to in section 54(2)(e), the difference between the contribution paid and the contribution that would have been payable if the rate applicable in years 7 to 9 continued to apply.

64. Repayment of contributions in prescribed circumstances

64. (1) The Authority shall repay contributions paid by or in respect of a person in such circumstances and in such manner and in accordance with such procedure as shall be prescribed.

(2) The Minister shall make regulations providing for the circumstances in which repayments shall be made by the Authority and the manner and procedure for such repayment and, without prejudice to the foregoing, any such regulations shall in particular make provision for—

(a) the repayment of contributions in the case of any overpayment of contributions for which adjustment is not made in accordance with this Part or regulations made under this Part, and

(b) the making of a repayment where the person to whom it would have been made has died or cannot be traced.

(3) For the purposes of this section, an overpayment of contributions includes a payment of contributions in circumstances where the factual basis on which the payment is made is found to have been incorrect or requires to be adjusted in the light of a later decision, if the factual basis as corrected or adjusted ought to have resulted in a lower payment, or in no payment.

65. Power to amend earnings limit

65. (1) The Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, prescribe a different amount than the amount specified in section 58(3).

(2) An amount prescribed under subsection (1) shall be such as the Minister considers appropriate having regard to the matters referred to in section 56(2).

Chapter 4 Further power to make regulations

66. Further power to make regulations

66. (1) The Minister may make regulations providing for any of the following matters:

(a) the provision to the Authority by an employer, on or before making a payment of emoluments, of information in relation to payments of emoluments and contributions, and any other prescribed information or documents;

(b) the provision of information to the Authority by an employer in relation to an employee where the employee’s employment with the employer begins or ends;

(c) the priority to be given to the deduction of contributions under this Part over other deductions, except deductions in respect of tax, pay related social insurance or the universal social charge;

(d) the payment of contributions in respect of emoluments to which section 985A of the Taxes Consolidation Act 1997 applies, or other emoluments in the form of shares or stocks, including the payment of contributions in cases where there is an insufficiency of payments of emoluments actually made;

(e) the application of this Part in cases where a person is treated for the purposes of a provision of the Taxes Consolidation Act 1997 as making a payment of emoluments;

(f) the application of this Part in relation to payments which are treated for the purposes of a provision of the Taxes Consolidation Act 1997 as payments of emoluments;

(g) the application of this Part where an employer is treated by a provision of the Taxes Consolidation Act 1997 as making a payment of emoluments of an amount different from the amount actually paid;

(h) the operation of this Part in circumstances where—

(i) an employee receives emoluments in respect of employment in a trade, business, concern or undertaking, or in connection with property, or receives an annuity or pension, and

(ii) there is a change in the employer from whom the employee receives the emoluments or annuity or pension;

(i) the deduction and payment of contributions under this Part where emoluments in respect of an employment are paid after the end of the employment;

(j) the operation of this Part in circumstances in which—

(i) the electronic system put in place by the Authority for the efficient operation of this Part is not functioning or is not functioning properly at any particular time such that a person is unable to comply with an obligation under this Part, or

(ii) a person is unable to use that electronic system at any particular time because of a general or partial systems failure of an internet service provider or of an electricity service provider, occurring in the general locality of or affecting the person’s place of business,

or in the circumstances of a technology systems failure within the meaning given by section 983 of the Taxes Consolidation Act 1997.

(2) In subsection (1)(b), the reference to employment with the employer, in the case of an employer who pays emoluments on behalf of another person, is a reference to employment with the person on whose behalf the employer pays emoluments.

PART 4 Investment

67. Definitions (Part 4)

67. In this Part—

“AE provider scheme” has the meaning given by section 69(2);

“alternative investment fund” has the same meaning as in the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013);

“appropriate risk level” shall be construed in accordance with section 70(2) and (3);

“investment management contract” shall be construed in accordance with section 68(3);

“risk level” means a risk level specified in, or in regulations under, section 69;

“UCITS” means a collective investment scheme authorised by the Central Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011);

“unit”, in relation to an AE provider scheme, includes a share and any other instrument granting an entitlement to share in the investments or relevant income of a UCITS or an alternative investment fund.

68. Investment management providers

68. (1) The Authority shall appoint a person or persons to provide investment management services for the purposes of this Part.

(2) A person appointed under subsection (1) is referred to in this Act as an “investment management provider”.

(3) An appointment under subsection (1) shall be made, and the services to which the appointment relates shall be provided, under a contract between the Authority and the investment management provider, referred to in this Part as an “investment management contract”.

(4) An investment management contract shall include—

F1[(a) provision—

(i) under which the investment management provider shall be a regulated financial service provider, and

(ii) that the Authority may require that any specified subcontractor to the investment management provider be a regulated financial service provider,]

(b) provision under which the provider or any subcontractor may be subject to a penalty, which may include termination of the contract or subcontract for any contravention of financial services legislation if it appears to the Authority that the contravention affects or may affect the provision of the services to which the contract relates,

(d) any other provision that the Authority considers appropriate.

(5) In this section—

“financial services” and “regulated financial service provider” have the same meaning as in the Central Bank Act 1942;

“financial services legislation”, in relation to a person falling within any paragraph of the definition of “regulated financial service provider” in section 2(1) of the Central Bank Act 1942, means—

(a) the legislation providing for the regulation or supervision, as referred to in that paragraph, of the business of that person, and

(b) any other legislation applying to the provision of financial services under the investment management contract between the Authority and that person.

69. AE provider schemes and risk levels

69. (1) An investment management contract shall require the investment management provider to provide a UCITS or an alternative investment fund for the purposes of this Part within each of the risk levels that have effect in accordance with subsection (3).

(2) A UCITS or an alternative investment fund provided in accordance with subsection (1) is referred to in this Act as an “AE provider scheme”.

(3) The risk levels for the purposes of this Part are—

(a) the higher risk level, consisting of AE provider schemes with a risk rating of 5, 6 or 7,

(b) the medium risk level, consisting of AE provider schemes with a risk rating of 3 or 4,

or such other risk levels as may be prescribed under subsection (4).

(4) The Minister may prescribe risk levels in place of the risk levels set out in subsection (3), provided that at any time—

(a) there are at least 3 prescribed risk levels, and

(b) each prescribed risk level consists of AE provider schemes whose risk rating (within the meaning given by subsection (5)) is a number, or within a range of numbers, prescribed.

(5) For the purposes of this section, “risk rating”, in relation to an AE provider scheme, means the number assigned to the scheme on a scale representing risk from a low of 1 to a high of 7, where the scale and methodology used satisfy the conditions which apply in relation to the scheme under regulations under subsection (6).

(6) The Minister may make regulations prescribing the conditions to be satisfied by a scale and methodology used for the purposes of subsection (5) to indicate the level of risk of AE provider schemes, and different conditions may be prescribed in relation to schemes of different classes.

(7) In making regulations under subsection (6) the Minister shall have regard to—

(a) any scale and methodology applying under an enactment or European Union act for the purpose of indicating the level of risk of a UCITS or alternative investment fund,

(b) custom and practice in the financial industry in applying scales and methodologies referred to in paragraph (a) or other scales and methodologies for the purpose of indicating the level of risk of a UCITS or alternative investment fund,

(c) the extent to which a scale and methodology referred to in paragraph (a) and custom and practice referred to in paragraph (b) are applicable to AE provider schemes to which the regulations apply and appropriate for the purposes of this section, and

(d) without prejudice to paragraph (c), the extent to which a scale and methodology, and custom and practice, referred to in that paragraph take into account climate related risks.

70. Assignment of contributions to appropriate risk level

70. (1) Amounts received by the Authority as contributions in respect of a participant shall be assigned by the Authority to the appropriate risk level.

(2) Where the participant has selected a risk level by a procedure determined under subsection (3), the appropriate risk level is that level.

(3) The Authority shall determine—

(a) the procedure by which a participant may select a risk level for the purposes of subsection (2), and

(b) the time or times at which a participant may select a risk level for those purposes.

(4) Where subsection (2) does not apply, the appropriate risk level, subject to subsection (5), is:

(a) where the period before the participant reaches pensionable age is more than 15 years, the higher risk level;

(b) where that period is 15 years or less, but more than 5 years, the medium risk level;

(5) The Minister may make regulations specifying, for cases where subsection (2) does not apply, the appropriate risk level in relation to any period specified in the regulations before the participant reaches pensionable age.

(6) Regulations under subsection (5) may provide—

(a) for different risk levels to be the appropriate risk level in relation to different parts of the participant’s contributions, and

(b) for this Part to apply, for the purposes of provision under paragraph (a), in relation to a part of a participant’s contributions as it would apply, but for the regulations, in relation to the participant’s contributions as a whole.

71. Power to provide for selection of more than one risk level

71. (1) The Minister may by regulations provide—

(a) that, in circumstances specified in the regulations, a participant may, under section 70(2), select different risk levels in relation to different parts of the participant’s contributions, and

(b) for this Part to apply, for the purposes of provision under paragraph (a), in relation to a part of a participant’s contributions as it would apply, but for the regulations, in relation to the participant’s contributions as a whole.

(2) Before making regulations under subsection (1) the Minister shall request the Authority to carry out an assessment of the existing operation of this Part.

(3) The Minister may make regulations under subsection (1) only if—

(a) the making of the regulations is recommended—

(i) by the Authority after carrying out an assessment in accordance with a request under subsection (2), and

(ii) by one or more persons appointed by the Minister to consider the matter,

and

(b) the Minister is satisfied that it is in the interests of participants to make the regulations.

(4) A person may be appointed for the purposes of subsection (3)(a)(ii) only if the Minister is satisfied that the person is sufficiently independent of the Minister and the Authority.

72. Investment of contributions

72. (1) Subject to any fees payable under regulations made under section 35, an amount assigned by the Authority to a risk level, in accordance with section 70(1), shall be transferred by the Authority to the investment management providers.

(2) Where there is more than one investment management provider, an amount to be transferred under subsection (1) shall be divided by the Authority equally between the providers.

(3) In transferring an amount to an investment management provider under subsection (1) the Authority shall not disclose information to the provider that would identify any participant.

(4) An investment management contract shall provide—

(a) for any amount transferred to the investment management provider under subsection (1) to be invested by the provider in units in the AE provider scheme provided by that provider within the appropriate risk level,

(b) for the provider to notify the Authority of the units issued, and

(5) Units in which an amount transferred under subsection (1) is invested—

(a) are held by the Authority on behalf of the participant concerned, and

(b) shall be recorded by the Authority in the participant’s account.

73. Transfer between AE provider schemes

73. (1) Where there is a change from one risk level (the “old level”) to another (the “new level”) as the appropriate risk level in relation to a participant for the purposes of section 70(1), any investments held by the Authority on behalf of the participant in the form of units in an AE provider scheme within the old level shall be transferred in accordance with regulations to an AE provider scheme within the new level, subject to any provision made under section 70 or section 71.

(2) Investment management contracts shall include provision for the transfer of investments between AE provider schemes in connection with a person becoming or ceasing to be an investment management provider.

(3) Provision included in investment management contracts shall ensure that—

(a) in relation to any participant, any amount transferred is transferred to an AE provider scheme within the appropriate risk level, and

(b) any amount transferred from an AE provider scheme provided by a person ceasing to be an investment management provider, at a time when there are two or more other investment management providers, is divided equally between AE provider schemes provided by those other providers.

74. Investment rules

74. (1) An investment management provider shall invest the resources of each AE provider scheme provided by that provider—

(a) in accordance with the prudent person rule (within the meaning of the Directive of 2016), and

(b) without prejudice to the generality of paragraph (a), in accordance with this section.

(2) When investing the resources of an AE provider scheme, an investment management provider—

(a) shall invest those resources in the best long term interests of the participants on whose behalf units in the scheme are held, and in the case of a potential conflict of interest, shall ensure that the investment is made in the sole interest of those participants,

(b) in accordance with the prudent person rule referred to in subsection (1)(a), shall take into account the potential long-term impact of investment decisions on environmental, social and governance factors,

(c) shall invest the resources of the scheme in such a manner as to ensure the security, quality, liquidity and profitability of the portfolio as a whole,

(d) shall invest the resources of the scheme predominantly in regulated markets and, where there is investment in assets which are not admitted to trading on a regulated financial market, shall keep any such investment to prudent levels,

(e) shall comply with subsection (3) if investing in derivative instruments,

(f) shall invest in such a manner that the resources are properly diversified in such a way as to avoid excessive reliance on any particular asset, issuer or group of undertakings and accumulations of risk in the portfolio as a whole, and

(g) for the purposes of paragraph (f), where the provider invests in assets issued by the same issuer or by issuers belonging to the same group, shall invest in a manner that does not expose the scheme to excessive risk concentration.

(3) Investment by an investment management provider in derivative instruments shall be possible in so far as such instruments contribute to a reduction in investment risks or facilitate efficient portfolio management, and—

(a) they shall be valued on a prudent basis, taking into account the underlying asset,

(b) they shall be included in the valuation of the assets of the scheme, and

(4) For the purposes of subsection (2)—

(a) investment in a collective investment undertaking shall be treated as being invested in a regulated market in accordance with paragraph (d) of subsection (2) and diversified in accordance with paragraph (f) of that subsection to the extent that the investments held by that undertaking are themselves so invested,

(b) investment in an insurance policy falling within the class of insurance specified at paragraph III of Annex II of the Solvency II Directive shall be treated as invested on a regulated market in accordance with paragraph (d) of subsection (2) and diversified in accordance with paragraph (f) of that subsection to the extent that the selection, by the investment management provider concerned, of the investments by which the return on the insurance policy will be determined complies with those paragraphs,

(c) investment in an insurance policy the terms of which provide that the proceeds of the insurance policy at maturity will be equal to or greater than the amount of the investment over the term of the insurance policy, shall be treated as invested on a regulated market in accordance with paragraph (d) of subsection (2) and diversified in accordance with paragraph (f) of that subsection,

(d) investment in an insurance policy of a type to which Article 2(3)(a)(ii) of the Solvency II Directive relates shall be treated as invested on a regulated market in accordance with paragraph (d) of subsection (2) and diversified in accordance with paragraph (f) of that subsection, and

(e) investment in bonds issued by the government of any Member State shall be treated as diversified in accordance with paragraph (f) of subsection (2).

(5) In this section—

“collective investment undertaking” means—

(a) an investment undertaking within the meaning given by section 739B of the Taxes Consolidation Act 1997,

(b) a unit trust which neither is, nor is deemed to be, an authorised unit trust scheme within the meaning of the Unit Trusts Act 1990,

(c) an undertaking for collective investment in transferable securities within the meaning given by Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009² on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast), situated in any Member State,

(d) a common contractual fund within the meaning of section 739I(1)(a)(i) of the Taxes Consolidation Act 1997, or

(e) an alternative investment fund within the meaning given by Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011³ on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, situated in any Member State;

“Directive of 2016” means Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016⁴ on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast);

“insurance policy” means an insurance policy or contract of assurance issued by any person who is the holder of an authorisation—

(a) granted by the Central Bank of Ireland under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), or

(b) granted by the authority charged with the duty of supervising the activities of insurance undertakings in a Member State other than the State in accordance with the Solvency II Directive;

“Solvency II Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009⁵ on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast).

(6) Subject to subsection (5), a word or expression used in this section or section 75 and in subsection (2), (3) or (5) of section 59AB of the Pensions Act 1990 has, unless the context otherwise requires, the same meaning in this section or section 75 as it has in subsection (2), (3) or (5) of section 59AB of the Pensions Act 1990.

75. Contractual provision on environmental and other matters

75. (1) An investment management contract shall require the investment management provider to—

(a) make provision in its risk management system to take account of risks arising from environmental, social and governance factors,

(b) conduct, at intervals of not more than 3 years, an assessment of the risks referred to in paragraph (a), and report to the Authority on the assessment, and

(c) prepare, and from time to time revise, a statement describing how considerations arising from environmental, social and governance factors affect its investment decisions.

(2) An investment management provider shall provide the Authority or any participant on request with a copy of its statement prepared in accordance with subsection (1)(c).

(3) An investment management contract shall include provision for the obligations of the State under international agreements on environmental sustainability and climate change to be taken into account in carrying out the contract.

76. Participants’ accounts

76. The Authority shall keep an account for each participant, recording—

(a) the contributions received by the Authority in respect of the participant,

(b) any repayment of contributions under section 63 or 64,

(d) any fee charged to the participant pursuant to regulations made under section 35,

(e) any decision or application made by the participant for the purposes of any provision of this Part, Part 3 or 5,

(f) any determination made by the Authority in relation to the participant, and

(g) any other information the Authority considers appropriate.

77. Amendment of Investment Intermediaries Act 1995

77. Section 2(6) of the Investment Intermediaries Act 1995 is amended—

(a) in paragraph (n)(ii), by the substitution of “1990), or” for “1990).”, and

(b) by the insertion of the following paragraph after paragraph (n):

“(o) An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir.”.

PART 5 Payment out of Accounts

Chapter 1 Interpretation and general

78. Interpretation (Part 5)

78. In this Part—

“balance” means the amount credited to a participant’s account under section 82(1) or section 86(1)(c);

“personal representative” has the same meaning as it has in the Succession Act 1965;

“redemption value” in relation to units in an AE provider scheme on any date means—

(a) where the units are redeemed on that date, the amount of the proceeds of the redemption, and

(b) where the units are redeemed after that date, the amount determined to be their value on that date by procedures specified by the Authority and published by it on a website maintained by or on behalf of the Authority.

79. Notification and verification of death

79. (1) The Authority shall specify, and publish on a website maintained by or on behalf of the Authority, the requirements for the notification and verification of deaths for the purpose of this Part.

(2) For the purpose of this Part, a death is notified to the Authority when, in a manner that complies with the requirements specified under subsection (1)—

(a) a person authorised to do so by those requirements notifies the Authority of the death, or

(b) the Authority identifies the death in the records of Oifig an Ard-Chláraitheora.

(3) A notification of death referred to in subsection (2)(a) shall be disregarded for the purposes of this Part if the Authority takes the steps to verify the death that comply with the requirements specified under subsection (1), and after doing so is unable to verify it.

80. Provision of benefits under arrangements made by Authority

80. The Minister may, by regulations, make provision under which an amount that would otherwise fall to be paid to a participant under Chapter 2 or 3 may, at the option of the participant, be applied by the Authority by way of—

(a) the purchase of an annuity,

(b) the transfer into an approved retirement fund (within the meaning of section 784A of the Taxes Consolidation Act 1997), or

for the payment of benefits to or in respect of the participant.

Chapter 2 Payment, other than early payment, to or in respect of participant

81. Redemption date

81. (1) Subject to subsection (2), a participant’s redemption date for the purposes of this Chapter is the date on which the participant reaches pensionable age.

(2) Where a participant dies without reaching pensionable age, the participant’s redemption date for the purposes of this Chapter is the earlier of the following dates:

(a) the date on which the death is notified to the Authority;

(b) the date on which the participant would have reached pensionable age.

82. Redemption of units

82. (1) On or as soon as is practicable after a participant’s redemption date, the Authority shall—

(a) ascertain the number of units in any AE provider scheme that the Authority holds on behalf of the participant,

(b) instruct the investment management provider providing the scheme to redeem that number of units and pay the proceeds to the Authority within a time specified by the Authority,

(c) credit to the participant’s account an amount equal to the redemption value of the units on the participant’s redemption date after deducting any fees payable under regulations made in accordance with section 35, and

(d) send to the participant, subject to subsection (2), a notification that the balance in the participant’s account is eligible for withdrawal in accordance with this Part.

(2) Where, before sending a notification under subsection (1)(d), the Authority is notified of the death of the participant, the notification under subsection (1)(d) shall be sent to the participant’s personal representative.

83. Payment to participant at or after pensionable age

83. (1) Where a participant makes an application to the Authority to withdraw the balance referred to in a notification under section 82(1)(d), the Authority shall promptly—

(a) pay the amount as a lump sum to the participant, or

(b) where regulations under section 80 apply, transfer the amount in accordance with the regulations for the payment of benefits to or in respect of the participant.

(2) The Authority shall specify, and publish on a website maintained by or on behalf of the Authority, the procedure for applications and payments made in accordance with subsection (1).

84. Payment in the event of death of participant

84. (1) Where—

(a) a notification under section 82(1)(d) has been given by the Authority, and

(b) before or after the giving of that notification, the death of the participant has been notified to the Authority,

an application may be made to the Authority by the participant’s personal representative to withdraw the balance referred to in the notification under section 82(1)(d).

(2) Where a participant’s personal representative makes an application to the Authority under subsection (1), the Authority shall promptly pay the balance in the participant’s account to the personal representative.

(3) The Authority shall specify, and publish on a website maintained by or on behalf of the Authority, the procedure for applications and payments made in accordance with subsections (1) and (2).

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

85. (1) A participant may apply to the Authority for early access to his or her balance on the grounds that, before reaching pensionable age, the participant—

(a) has retired through incapacity, or

(b) is in exceptional circumstances of ill-health.

(2) Where the Authority is satisfied of the grounds stated in an application under subsection (1), the Authority shall allow the application.

(3) Where the Authority determines that an applicant does not meet the requirements of subsection (1) and of regulations made under subsection (5), it shall refuse the application and notify the participant in writing of the refusal.

(4) A notification under subsection (3) shall:

(a) give the reasons for the refusal;

(b) state that the participant is entitled to a review of the determination under section 114.

(5) The Minister may prescribe the circumstances in which a participant is to be regarded for the purpose of this section as—

(a) (i) retiring, and

(ii) doing so through incapacity,

(b) being in exceptional circumstances of ill-health.

(6) Without prejudice to subsection (5), regulations under that subsection may provide for retirement through incapacity to include circumstances in which—

(a) incapacity affects a participant who is not employed at the time, or

(b) incapacity affects a participant’s earning capacity.

86. Redemption of units for early payment

86. (1) On or as soon as is practicable after the date on which an application by a participant under section 85 is allowed under subsection (2) of that section, on review under section 114 or on appeal under section 116, the Authority shall—

(a) ascertain the number of units in any AE provider scheme that the Authority holds on behalf of the participant,

(b) instruct the investment management provider providing the scheme to redeem that number of units and pay the proceeds to the Authority within a time specified by the Authority,

(c) credit to the participant’s account after deducting any fees payable in accordance with regulations made under section 35—

(i) the redemption value of the units at the date the application is allowed, or

(ii) where subsection (2) applies, the amount referred to in that subsection,

and

(d) send to the participant a notification that the balance in the participant’s account is eligible for withdrawal in accordance with this Part.

(2) Where an application by a participant under section 85 is refused by the Authority but allowed on review under section 114 or on appeal under section 116, the amount to be credited under subsection (1)(c), subject to any fees payable in accordance with regulations made under section 35, is—

(a) in the case of units in any AE provider scheme that the Authority held on behalf of the participant at the date of the refusal, the greater of—

(i) the redemption value of the units at the date the application is allowed, and

(ii) the redemption value of the units at the date of the refusal,

and

(b) in the case of units acquired after the date of the refusal and held by the Authority on behalf of the participant, the greater of—

(i) the redemption value of the units at the date the application is allowed, and

(ii) the acquisition price of the units.

(3) In this section, “acquisition price” means, in relation to a unit, the amount transferred to an investment management provider to invest in that unit under section 72(1).

87. Making of early payment

87. Where the Authority gives a notification under section 86(1)(d), it shall also promptly—

(a) pay to the participant as a lump sum the amount of the balance referred to in the notification, or

(b) where regulations under section 80 apply, transfer that amount in accordance with the regulations for the payment of benefits to or in respect of the participant.

88. Procedure for applications and payments under Chapter 3

88. The Authority shall specify, and publish on a website maintained by or on behalf of the Authority, the procedure for the making of applications and payments in accordance with this Chapter and regulations made under it.

Chapter 4 Unclaimed balances

89. Interpretation (Chapter 4)

89. (1) In this Chapter—

“correspondence address” means:

(a) in the case of a participant, the participant’s last known address for correspondence according to the records of the Authority;

(b) in the case of any other person, any address that appears to the Authority to be an address for correspondence, or the last known address for correspondence, for that person;

“dormancy period” means any period of 15 years ending with—

(a) 30 September 2041, or

(b) 30 September in any later year;

“register” means the register of unclaimed balances, established under section 94;

“specified event” means:

(a) an application under section 83(1) or section 84(1);

(b) a communication within the meaning of section 100;

“unclaimed balance” has the meaning given in section 90.

(2) This Chapter and the Dormant Accounts Acts 2001 to 2012 may be cited together as the Dormant Accounts Acts 2001 to 2024.

90. Unclaimed balances

90. (1) For the purposes of this Chapter, a balance is an unclaimed balance if a dormancy period, beginning on or after the date on which a notification of eligibility for withdrawal was issued, has ended, and in the dormancy period—

(a) the Authority has issued a notification of eligibility for withdrawal,

(b) since the date of the notification, a dormancy period has ended, and

(2) In subsection (1), “notification of eligibility for withdrawal”, in relation to a balance, means a notification issued by the Authority under section 82(1)(d) or section 86(1)(d) that the balance is eligible for withdrawal.

91. Notice of unclaimed balance

91. (1) Subject to subsection (2), the Authority shall take all reasonable steps to give the participant entitled to an unclaimed balance, as soon as is practicable after the end of the dormancy period referred to in section 90(1), written notice of the following:

(a) that there is an unclaimed balance to which the participant appears to be entitled;

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