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Automatic Enrolment Retirement Savings System Act 2024

In short

This law establishes a new national authority to create and manage an automatic retirement savings system for employees who are not already covered by certain existing pension schemes. It sets out rules for how people will be automatically enrolled, how contributions will be made, and how savings will be managed and paid out.

What it regulates

Who it concerns

Key points

Legal text

Automatic Enrolment Retirement Savings System Act 2024 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2024 Automatic Enrolment Retirement Savings System Act 2024 Automatic Enrolment Retirement Savings System Act 2024 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 20 of 2024 AUTOMATIC ENROLMENT RETIREMENT SAVINGS SYSTEM ACT 2024 CONTENTS PART 1 Preliminary and General Section 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 Preliminary 47. Interpretation (Part 3) 48. Death of employer Chapter 2 Enrolment 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 Contributions 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 Investment 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 Interpretation 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 Offences 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 Miscellaneous 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 Acts Referred to Central Bank Act 1942 (No. 22) Civil Legal Aid Act 1995 (No. 32) Civil Service Regulation Act 1956 (No. 46) Civil Service Regulation Acts 1956 to 2005 Companies Act 2014 (No. 38) Comptroller and Auditor General (Amendment) Act 1993 (No. 8) Data Protection Act 2018 (No. 7) Dormant Accounts Acts 2001 to 2012 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) Unfair Dismissals Acts 1977 to 2015 Unit Trusts Act 1990 (No. 37) Work Life Balance and Miscellaneous Provisions Act 2023 (No. 8) Workplace Relations Act 2015 (No. 16) Number 20 of 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. [9th July, 2024] Be it enacted by the Oireachtas as follows: PART 1 Preliminary and general Short title and commencement 1.

(1)This Act may be cited as the Automatic Enrolment Retirement Savings System Act 2024.
(2)This Act shall come into operation on such day or days as the Minister may by order or orders appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions. Definitions 2. In this Act— “AE provider scheme” shall be construed in accordance with section 69
(2); “Authority” has the meaning given by section 8 ; “company” means— (
  1. a)a company formed and registered under the Companies Act 2014 , or (
  2. b)an existing company within the meaning of that Act; “contributing participant” shall be construed in accordance with section 57 ; “contribution” means a participant contribution, an employer contribution or a State contribution; “employee” has the meaning given by section 47 ; “employer” has the meaning given by section 47 ; “employer contribution” means a contribution to which section 59
(2)applies; “enactment” has the same meaning as it has in the Interpretation Act 2005 ; “enrolment date”, in relation to a person, means the date assigned as that person’s enrolment date under section 50
(1)or section 53
(1); “European Union act” means— (
  1. a)a provision of the treaties governing the European Union, or (
  2. b)an act or provision of an act adopted by an institution of the European Union, an institution of the European Communities or any other body competent under those treaties; “financial year” means the period which is co-extensive with a calendar year; “investment management provider” shall be construed in accordance with section 68
(2); “Minister” means the Minister for Social Protection; “NTMA” means the National Treasury Management Agency; “participant” shall be construed in accordance with section 49 ; “participant contribution” means a contribution to which section 59
(1)applies; “pensionable age” has the meaning given by section 2 of the Social Welfare Consolidation Act 2005 ; “prescribe” means prescribe by regulations made by the Minister under this Act; “re-enrolment date”, in relation to a person, means a date assigned as that person’s re enrolment date under section 53
(3)or section 55
(1); “service provider” means a person engaged under section 32 ; “State contribution” means a contribution to which section 60 applies. Regulations 3.
(1)The Minister may by regulation provide for any matter referred to in this Act as prescribed or to be prescribed.
(2)Without prejudice to any provision of this Act, regulations under this Act may contain such incidental, supplementary and consequential provisions as appear to the Minister to be necessary or expedient for the purposes of the regulations.
(3)Every regulation under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House sits after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to anything previously done under it. Service of documents 4.
(1)Subject to Part 6 , a notice or other document that is required to be sent or given to a person under this Act shall be addressed to the person concerned by name, and may be sent or given to the person in one of the following ways: (
  1. a)by delivering it to the person; (
  2. b)by leaving it at the address at which the person ordinarily resides or, in a case in which an address for service has been furnished, at that address; (
  3. c)by sending it to the person in a prepaid registered letter to the address at which the person ordinarily resides or, in a case in which an address for service has been furnished, to that address; (
  4. d)by making it available to the person through an electronic system in accordance with Part 6 .
(2)For the purpose of this section, a company shall be deemed to be ordinarily resident at its registered office, and every other body corporate and every unincorporated body of persons shall be deemed to be ordinarily resident at its principal office or place of business. Expenses
  1. The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Public Expenditure, National Development Plan Delivery and Reform, be paid out of moneys provided by the Oireachtas. PART 2 An Túdarás Náisiúnta um Uathrollú Coigiltis Scoir Chapter 1 Establishment of An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir Definitions (Part 2)
  2. In this Part— “Board” has the meaning assigned to it by section 10 ; “chief executive” means the chief executive appointed under section 25 ; “committee of the Board” means a committee of the Board established under section 18 , 19 or 20 ; “establishment day” means the day appointed under section 7 ; “local authority” has the same meaning as it has in the Local Government Act 2001 ; “Oireachtas Committee” means a committee appointed by either House of the Oireachtas or jointly by both Houses of the Oireachtas (or a subcommittee of such a committee) other than— (a) the Committee of Dáil Éireann established under the Standing Orders of Dáil Éireann to examine and report to Dáil Éireann on the appropriation accounts and reports of the Comptroller and Auditor General, or (b) the Committee on Members’ Interests of Dáil Éireann or the Committee on Members’ Interests of Seanad Éireann. Establishment day
  3. The Minister shall, by order, appoint a day to be the establishment day for the purposes of this Act. An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir 8.
(1)There shall stand established on the establishment day a body which shall be known as An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir (in this Act referred to as the “Authority”) to perform the functions conferred on it by or under this Act.
(2)The Authority— (
  1. a)shall be a body corporate with perpetual succession and an official seal, (
  2. b)may sue and be sued in its corporate name, and (
  3. c)may acquire, hold and dispose of land or an interest in land or any other property, with the consent of the Minister and the Minister for Public Expenditure, National Development Plan Delivery and Reform.
(3)The official seal of the Authority shall be authenticated— (
  1. a)by the signature of any 2 members of the Board, or (
  2. b)by the signatures— (
  3. i)of a member of the Board, and (
  4. ii)of a member of staff of the Authority authorised to act for that purpose by the Board.
(4)Judicial notice shall be taken of the seal of the Authority, and any document purporting to be an instrument made by the Authority, and to be sealed with the seal of the Authority authenticated in accordance with subsection
(3), shall, unless the contrary is shown, be received in evidence and be deemed to be such an instrument without further proof.
(5)Any contract or instrument which, if entered into or executed by an individual, would not require to be under seal may be entered into or executed on behalf of the Authority by any person generally or specially authorised by the Authority for that purpose. Functions of Authority 9.
(1)The Authority shall, in addition to the carrying out of other functions conferred on it by this Act— (
  1. a)establish, maintain and control generally the automatic enrolment retirement savings system, (
  2. b)arrange for the enrolment and re-enrolment of participants in the automatic enrolment retirement savings system in accordance with Chapter 2 of Part 3 , (
  3. c)arrange for the collection of contributions in accordance with Chapter 3 of Part 3 , (
  4. d)arrange for the establishment and maintenance of accounts for participants’ retirement savings and the provision of communications and services in relation to those accounts, (
  5. e)arrange for the investment of contributions with investment management providers in accordance with the appropriate risk levels and investment rules under Part 4 , (
  6. f)facilitate the payment of retirement savings out of participants’ accounts in accordance with Part 5 , (
  7. g)monitor and enforce compliance with this Act, and (
  8. h)undertake, commission or assist in research projects and other activities relating to retirement savings services and the level of retirement savings in the State, which in the opinion of the Authority may promote an improvement in those services and public awareness of them, and make recommendations to the Minister arising from those projects or activities.
(2)The Authority shall perform its functions in the way that appears to it best calculated— (
  1. a)to provide a high quality retirement savings system that— (
  2. i)operates in the best interests of participants, and (
  3. ii)is digital by default, and (
  4. b)to provide for the management of participants’ retirement savings with appropriate care and judgement.
(3)Subject to this Act, the Authority shall be independent in the performance of its functions.
(4)The Authority may perform any of its functions through or by any member of the staff of the Authority authorised in that behalf by the Authority.
(5)The Authority may perform any of its functions through or by any other persons authorised in that behalf by the Authority.
(6)The Authority shall have all such powers as are necessary or expedient for the performance of its functions. Chapter 2 Board of Authority Establishment of Board 10.
(1)The Authority shall have a board (in this Act referred to as the “Board”) established under this Act to perform the functions of the Authority.
(2)The Board shall, in addition to the other functions conferred on it by this Act— (
  1. a)satisfy itself that appropriate systems, procedures and practices are in place for the internal performance management and accountability of the Authority in respect of— (
  2. i)the performance of its functions, (
  3. ii)the achievement of the objectives in the statement of strategy under section 37 , and (iii) the achievement of the performance targets in the annual plan under section 38 , and (
  4. b)establish and implement arrangements for the management of the performance of the chief executive.
(3)The Board shall be accountable to the Minister for the due performance of its functions.
(4)The Board may delegate in writing to a committee of the Board or the chief executive any of the functions of the Authority or the Board, other than the functions under subsection
(2).
(5)If a function of the Authority or the Board is delegated to the chief executive under subsection
(4), the delegation remains in force until the Board revokes the delegation by notice in writing given to the chief executive.
(6)The Board shall inform the Minister in writing of any matter that it considers to require the Minister’s attention.
(7)The Board shall retain in its possession the official seal of the Authority. Membership of Board 11.
(1)The Board shall consist of such number of members appointed by the Minister as the Minister may from time to time determine.
(2)The number of members appointed by the Minister shall be not fewer than 5 and not more than 8.
(3)The Minister shall designate one of the members as chairperson.
(4)In appointing persons to be members of the Board, the Minister shall have regard to the desirability of their having knowledge or experience in matters connected to— (
  1. a)the functions of the Authority, and (
  2. b)organisational governance, management, financial administration and financial investment.
(5)Of the members of the Board, other than the chairperson— (
  1. a)one shall be a person who has, in the opinion of the Minister, knowledge or experience in matters relating to the interests of employees, and (
  2. b)one shall be a person who has, in the opinion of the Minister, knowledge or experience in matters relating to the interests of employers.
(6)The duties imposed on members of the Board in the performance of their functions under this Act shall be owed by them to the Authority and the Authority alone.
(7)The Minister shall, in so far as is practicable, endeavour to ensure that among the members of the Board there is an equitable balance between men and women.
(8)If a member of the Board ceases to be a member in any way other than on the expiry of the member’s term of office, the Minister shall, as soon as is practicable, appoint another person to fill the vacancy.
(9)The Authority shall, as soon as is practicable after a person is appointed as a member of the Board, publish in Iris Oifigiúil the name of the person so appointed. Term of office 12.
(1)Subject to subsection
(3), a member shall hold office for such term, not exceeding 4 years from the date of his or her appointment, as the Minister determines.
(2)A member of the Board shall hold office until his or her term of office expires, unless he or she ceases to be a member under any other provision of this Part.
(3)The Minister shall ensure that, of the members of the Board first constituted under this section— (
  1. a)4 members are appointed for a term of office of 3 years from the date of appointment, (
  2. b)3 members are appointed for a term of office of 4 years from the date of appointment, and (
  3. c)the member who is first appointed chairperson is appointed for a term of office of 4 years from the date of appointment.
(4)The chairperson shall hold office as chairperson for 4 years or until the end of his or her term of office as a member of the Board, whichever is the earlier.
(5)Subject to subsection
(6), a member of the Board whose term of office expires or is due to expire by the effluxion of time may be reappointed to the Board under this subsection— (a) for not more than 2 terms, in the case of a person first appointed under section 11
(8), or (b) for one term only, in any other case.
(6)Subject to subsection
(7), a person may not be reappointed under subsection
(5)for a term that would result in the person serving for a period of more than 8 years.
(7)Where any term of office for which a person has been reappointed under subsection
(5)expires or is due to expire by the effluxion of time, and the Minister is satisfied that exceptional circumstances exist, the Minister may, at the request of the Board, reappoint the person for one further term notwithstanding that the further term may result in the person serving for a period of more than 8 years. Conditions of membership of Board 13.
(1)Subject to section 21 , a member of the Board shall hold office on such terms and conditions as the Minister, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, determines.
(2)The Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, determine that the chairperson shall be paid additional remuneration or allowances on account of his or her responsibilities as chairperson.
(3)A member may at any time by notice in writing to the Minister— (
  1. a)resign from the Board, or (
  2. b)in the case of the chairperson, with or without resigning from the Board, resign from the office of chairperson.
(4)A resignation under subsection
(3)takes effect on the date specified in the notice to the Minister, or on the date on which the Minister receives the notice, whichever is the later. Membership of either House of Oireachtas, European Parliament or local authority 14. A person is disqualified for membership of the Board while— (
  1. a)nominated as a member of Seanad Éireann, (
  2. b)elected as a member of either House of the Oireachtas or of the European Parliament, (
  3. c)entitled under the Standing Orders of either House of the Oireachtas to sit in that House, (
  4. d)regarded pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997 as having been elected to be a member of the European Parliament, (
  5. e)a member of a local authority, or (
  6. f)entitled under the standing orders of a local authority to sit as a member of that local authority. Ineligibility to become and disqualification to act as member of Board 15.
(1)A person is not eligible for appointment as a member of the Board, and a person who has been appointed shall cease to be a member, if he or she— (
  1. a)is or becomes a member of staff of the Authority, (
  2. b)is convicted on indictment of an offence, or is convicted outside the State of an offence consisting of acts or omissions which would constitute an offence triable on indictment if done or made in the State, (
  3. c)is convicted of an offence involving fraud or dishonesty, (
  4. d)has a declaration made against him or her under section 819 of the Companies Act 2014 or is deemed to be subject to such a declaration by virtue of Chapter 5 of Part 14 of that Act, (
  5. e)is subject to, or is deemed to be subject to, a disqualification order within the meaning of Chapter 4 of Part 14 of the Companies Act 2014 whether by virtue of that Chapter or of any other provision of that Act, (
  6. f)makes a composition or arrangement with his or her creditors, or (
  7. g)is removed by a competent authority for any reason (other than failure to pay a fee) from any register established for the purpose of registering members of a profession in the State or another jurisdiction.
(2)A person is not eligible for appointment as a member of the Board if he or she is adjudicated bankrupt and such bankruptcy has not been annulled or discharged, and a person who has been appointed shall cease to be a member if he or she is adjudicated bankrupt. Removal of member of Board 16.
(1)The Minister may, on the recommendation of the Board or of the Pensions Authority, remove a member of the Board from office if he or she is satisfied that— (
  1. a)the member has, without reasonable excuse, failed to discharge the functions of the office, (
  2. b)the member has become incapable through ill-health or otherwise of performing the functions of the office, (
  3. c)the member has committed stated misbehaviour (other than misbehaviour which is the basis for a conviction referred to in section 15 as a result of which the member is required to cease to hold office in accordance with that provision), (
  4. d)the member’s removal is necessary for the effective and efficient performance by the Board of the functions of the Authority or of the Board, or (
  5. e)the member has, in the view of the Board or of the Pensions Authority, a conflict of interest of such significance that the member should cease to hold office.
(2)Where the Minister proposes to remove a member from office under subsection
(1), the Minister shall give notice in writing to the member of that proposal.
(3)A notice under subsection
(2)shall contain a statement informing the member— (
  1. a)of the reasons for the proposed removal, (
  2. b)that the member may make representations to the Minister in such form and manner as may be specified, (
  3. c)that any such representations must be made within a period of 20 working days from the date of the giving of the notice, or such longer period as the Minister may, having regard to the requirements of natural justice, specify in the notice, and (
  4. d)that at the end of the period specified in paragraph (
  5. c)or in the notice, whether or not any representations are made, the Minister shall decide whether to remove the member from office.
(4)In considering whether to remove a member from office under subsection
(1), the Minister shall take into account— (
  1. a)any representations made by the member in accordance with paragraph (
  2. b)and (
  3. c)of subsection
(3), and (b) any other matter the Minister considers relevant.
(5)Where, after giving notice under subsection
(2), the Minister decides not to remove the member from office, the Minister shall notify the member in writing of the decision.
(6)Where, after giving notice under subsection
(2), the Minister decides to remove a member from office, the Minister shall— (
  1. a)notify the member in writing of the decision, the reasons for it and the date from which it shall take effect (which shall be a date not earlier than the date of the notice under this paragraph), (
  2. b)lay before each House of the Oireachtas a statement in writing of the decision and the reasons for it, (
  3. c)provide a statement in writing of the decision and the reasons for it to the Oireachtas Committee to which the Oireachtas has assigned the role of examining matters relating to the automatic enrolment retirement savings system, and (
  4. d)provide a copy of that statement to the member. Meetings 17.
(1)The Board shall hold such and so many meetings as may be necessary for the performance of its functions.
(2)At a meeting of the Board— (
  1. a)the chairperson shall, if present, be the chairperson of the meeting, or (
  2. b)if the chairperson is not present or if the office of chairperson is vacant, the members of the Board who are present shall choose one of their number to be the chairperson of the meeting.
(3)Every question at a meeting of the Board on which a vote is required shall be determined by a majority of the votes of the members of the Board present and voting on the question and, in the case of an equal division of votes, the chairperson of the meeting shall have a second or casting vote.
(4)The quorum for a meeting of the Board shall, unless the Minister otherwise directs, be half of the total number of members holding office for the time being or, if that is not a whole number, the next highest whole number.
(5)A meeting of the Board may take place by any means of communication by which all of the members participating can hear and be heard at the same time.
(6)A member of the Board who participates in a meeting of the Board by electronic means is taken for all purposes to be present at the meeting.
(7)Subject to subsection
(4), the Board may act notwithstanding one or more vacancies among its members.
(8)Subject to the provisions of this Act, the Board shall regulate its own procedures. Audit and risk committee 18.
(1)There shall be an audit and risk committee of the Board.
(2)The audit and risk committee shall— (
  1. a)ensure the transparency and integrity of the Authority’s accounting and financial reporting systems, (
  2. b)ensure that appropriate systems of internal control are in place, in particular, systems for risk management and financial and operational control, and (
  3. c)arrange for the appointment of auditors to carry out audits of the books, accounts and other financial statements of service providers engaged under section 32 and investment management providers appointed under section 68 so far as they relate to the services performed for the Authority.
(3)The members of the audit and risk committee shall comprise— (
  1. a)2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and (
  2. b)not less than 3 persons who are not members of the Board or members of staff of the Authority but who have acquired substantial relevant expertise and experience and who are appointed by the Board with the consent of the Minister.
(4)The Board shall appoint one of the members appointed under subsection
(3)(a) to be the chairperson of the audit and risk committee.
(5)A member of the audit and risk committee shall hold office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Board determines at the time of the member’s appointment.
(6)The Board may regulate the procedure of the audit and risk committee but, subject to that, it shall regulate its own procedure. Investment committee 19.
(1)There shall be an investment committee of the Board.
(2)The investment committee shall— (
  1. a)establish an investment strategy for the purpose of entering into and managing investment management contracts under section 68 , (
  2. b)establish risk management guidelines within the framework of the investment strategy, (
  3. c)advise the Board on matters relating to the investment strategy or risk management guidelines as the Board may require, and (
  4. d)effectively monitor the performance of AE provider schemes and inform the Board in writing of any matter that it considers to require the Board’s attention.
(3)The members of the investment committee shall comprise— (
  1. a)2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and (
  2. b)not less than 3 persons who are not members of the Board or members of staff of the Authority but who have acquired substantial relevant expertise and experience and who are appointed by the Board with the consent of the Minister.
(4)The Board shall appoint one of the members appointed under subsection
(3)(a) to be the chairperson of the investment committee.
(5)A member of the investment committee shall hold office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Board determines at the time of the member’s appointment.
(6)The Board may regulate the procedure of the investment committee but, subject to that, it shall regulate its own procedure. Other committees 20.
(1)The Board may establish such other committees of the Board as it considers appropriate to perform such of the functions of the Authority or the Board as may be delegated to any such committee.
(2)The Board shall determine the terms of reference of each committee appointed under this section.
(3)The Board may for any reason dissolve a committee or remove any members of a committee established under this section for stated reasons.
(4)The members of a committee established under this section shall be appointed by the Board.
(5)A committee appointed under this section shall comprise, in whole or part, persons who are members of the Board.
(6)The Board shall appoint one of the members of a committee who is a member of the Board to be the chairperson of the committee.
(7)A committee shall provide the Board with such information as the Board may from time to time require in respect of the activities and operations of the committee for the purposes of the performance by the Board of its functions.
(8)The acts of a committee (other than a committee whose sole function is to provide advice to the Board) shall be subject to confirmation by the Board, unless the Board otherwise determines. Remuneration and expenses of members of Board and committees of Board 21.
(1)A member of the Board may be paid such remuneration, and such allowances for expenses (if any), as the Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, determine.
(2)A member of a committee of the Board, other than a member of the Board, the chief executive or any other member of staff of the Authority, may be paid such remuneration, and such allowances for expenses (if any), as the Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, determine.
(3)A member of the Board, the chief executive and other member of staff of the Authority shall not receive any additional fees or other form of remuneration in respect of appointment to a committee.
(4)Any remuneration or allowances for expenses determined in accordance with subsection
(1)or
(2)shall be payable by the Authority out of moneys at its disposal. Disclosure of interests by member of Board or of committee of Board 22.
(1)This section applies to a person who is— (
  1. a)a member of the Board, or (
  2. b)a member of any committee of the Board, where that person or a connected person has a material interest in any matter which falls to be considered by the Board or a committee of the Board.
(2)A person to whom this section applies— (
  1. a)shall, in advance of any consideration of the matter, disclose that material interest to the Board or the committee of the Board concerned, (
  2. b)shall take no part in the deliberation in relation to the matter, (
  3. c)shall withdraw from a meeting at which the matter is being considered for so long as it is being so considered and shall not be counted towards a quorum for any question at the meeting on which a vote is required, (
  4. d)shall not influence or seek to influence a decision to be made in relation to the matter, (
  5. e)shall not make any recommendation to the Board or the committee of the Board concerned or its members in relation to the matter, and (
  6. f)shall not vote or otherwise act on a decision relating to the matter.
(3)Where a person discloses a material interest in a matter under subsection
(2)— (
  1. a)the disclosure shall be recorded in the minutes of the meeting, and (
  2. b)the Board or the committee of the Board concerned may, at its discretion, refer to the disclosure in the Authority’s annual report.
(4)If a person fails to disclose a material interest pursuant to subsection
(2), and with that person present the Board or the committee of the Board concerned makes a decision on the matter— (
  1. a)the decision is not invalid, and shall be taken to have always been valid, if the Board or the committee of the Board concerned subsequently reconsiders the matter without that member present and confirms the decision, and (
  2. b)a contract entered into by the Board or the committee of the Board concerned in consequence of the decision is not, by reason only of that fact, invalid or unenforceable.
(5)If at a meeting of the Board or the committee of the Board concerned a question arises as to whether or not a course of conduct, if pursued by a person, would constitute a failure by him or her to comply with subsection
(2)— (
  1. a)the chairperson presiding over the meeting shall determine the question, or (
  2. b)if the question arises in relation to the chairperson presiding over the meeting, he or she shall retire from the chair and the question shall be determined by majority vote of the remaining members, and in either case the determination shall be final and shall be recorded in the minutes of the meeting.
(6)Where the Minister is satisfied, on being informed by the Board, that a member of the Board has contravened subsection
(2), the Minister shall decide the appropriate action to be taken in relation to that person which may include, on the recommendation of the Board, removal from office under section 16 and, where a person is removed from office pursuant to this subsection, he or she shall thenceforth be disqualified for membership of the Board.
(7)Where the Authority is satisfied that a person who is a member of a committee of the Board but not a member of the Board has contravened subsection
(2), the Board shall decide the appropriate action (which may include removal from office) to be taken in relation to that person.
(8)For the purposes of this section and section 23 , “connected person” and “material interest” shall be construed in accordance with section 2 of the Ethics in Public Office Act 1995 . Disclosure of interests by members of staff of Authority or other persons 23.
(1)Where a function falls to be performed by a member of the staff of the Authority, or a consultant or adviser engaged under section 31 and, where that member of staff, consultant or adviser, or a connected person, has a material interest in a matter to which the function relates, the member of staff, consultant or adviser— (
  1. a)shall disclose to the chief executive the fact of his or her interest and its nature, (
  2. b)shall not perform the function, and (
  3. c)shall neither influence nor seek to influence a decision to be made in the matter nor make any recommendation in relation to the matter.
(2)Subsection
(1)does not apply to functions relating to contracts or proposed contracts of employment of members of the staff of the Authority with the Authority.
(3)Where the chief executive is satisfied that a person has contravened subsection
(1), the chief executive shall decide the appropriate action to be taken, which may include termination of the person’s contract of employment or contract for services. Prohibition on unauthorised disclosure of confidential information 24.
(1)Subject to subsection
(2), a person shall not disclose confidential information obtained by him or her while performing functions as— (
  1. a)a member of the Board, a member of a committee of the Board or a member of the staff of the Authority, (
  2. b)a consultant or adviser or other person providing services to the Authority or as a member of the staff of such adviser or consultant or other person, (
  3. c)a member, a member of a committee or a member of the staff of the Pensions Authority, or (
  4. d)a consultant or adviser or other person providing services to the Pensions Authority.
(2)A person does not contravene subsection
(1)by disclosing confidential information if the disclosure— (
  1. a)is made in the performance of functions of the Authority, (
  2. b)is made in the performance of functions of the Pensions Authority, (
  3. c)is made to or authorised by the Authority, the Board, or the chief executive, (
  4. d)is made by a person in the circumstances referred to in section 35
(2)of the Ethics in Public Office Act 1995 , (
  1. e)is a protected disclosure within the meaning of the Protected Disclosures Act 2014 , (
  2. f)is required or permitted by law, or (
  3. g)is made to a member of the Garda Síochána and, in the opinion of the person making the disclosure, the information may relate to the commission of an offence (whether an offence under this Act or not).
(3)A person who contravenes subsection
(1)shall be guilty of an offence.
(4)In this section, “confidential information” means— (
  1. a)information of a commercially sensitive nature submitted to the Authority by contractors, consultants or any other person for the purposes of the performance of the Authority’s functions, or (
  2. b)other information that is expressed by the Authority to be confidential either as regards particular information or as regards information of a particular class or description. Chapter 3 Staff of Authority, engagement of consultants, advisers and service providers Appointment of chief executive 25.
(1)Subject to subsection
(2), the Board shall, with the consent of the Minister, appoint a person recruited in accordance with the Public Service Management (Recruitment and Appointments) Act 2004 and the Civil Service Regulation Act 1956 to be the chief executive of the Authority (in this Act referred to as the “chief executive”).
(2)The Minister may, before the establishment day, designate a person to be appointed as the first chief executive of the Authority.
(3)Where, immediately before the establishment day, a person stands designated under subsection
(2), the person shall, on that day, stand appointed as the first chief executive of the Authority.
(4)The chief executive shall be a civil servant in the Civil Service of the State and shall hold office upon and subject to such terms and conditions (including terms and conditions relating to remuneration, allowances for expenses and superannuation) as may be determined, by the Minister with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform.
(5)The chief executive shall not hold any other office or employment or carry on any business without the consent of the Board.
(6)The chief executive shall not be a member of the Board, but he or she shall be entitled, in accordance with procedures established by the Board or a committee of the Board, as the case may be, to attend meetings of the Board or committee and shall be entitled to speak at and give advice at such meetings.
(7)If the chief executive— (
  1. a)dies, resigns or is removed from office, or (
  2. b)is for any reason temporarily unable to continue to perform his or her functions, the Board, with the approval of the Minister, may nominate such member or members of the staff of the Authority as it considers appropriate to perform the functions of the chief executive until— (
  3. i)in the circumstances mentioned in paragraph (a), a new chief executive is appointed in accordance with this section, or (
  4. ii)in the circumstances mentioned in paragraph (b), the chief executive is able to resume the performance of his or her functions.
(8)The chief executive may resign his or her office by notice in writing to the Minister, copied to the chairperson of the Board, and the resignation shall take effect on the date specified in the notice or the date on which the Minister receives the notice, whichever is later.
(9)References in this Act to the chief executive shall be construed as including references to a person nominated under subsection
(7). Functions of chief executive 26.
(1)The chief executive shall— (
  1. a)implement the policies and decisions of the Board, (
  2. b)carry on and manage and control generally the staff, the administration and business of the Authority, (
  3. c)be accountable to the Board for the efficient and effective management of the Authority and for the due performance of his or her functions, (
  4. d)provide the Board with such information (including information with respect to the performance of those functions in so far as they relate to the financial affairs of the Authority) as the Board may require, and (
  5. e)perform such other functions (if any) as may be determined by the Authority.
(2)The chief executive may make proposals to the Board on any matter relating to its functions. Delegation of functions 27.
(1)The chief executive may delegate any of his or her functions, other than a function that is subject to a condition specified by the Board that the function shall not be delegated, to a member of staff of the Authority and the member of staff shall be accountable to the chief executive for the performance of the functions so delegated.
(2)The chief executive shall be accountable to the Board for the performance of functions delegated by him or her under subsection
(1).
(3)The chief executive may revoke a delegation made by him or her under subsection
(1).
(4)In this section, “functions” includes a function delegated by the Authority to the chief executive, except one delegated subject to a condition that the function shall not be delegated by the chief executive to another person. Membership of either House of Oireachtas, European Parliament or local authority 28. A person is not eligible for appointment as chief executive or a member of staff of the Authority, while— (
  1. a)nominated as a member of Seanad Éireann, (
  2. b)elected as a member of either House of the Oireachtas or of the European Parliament, (
  3. c)entitled under the Standing Orders of either House of the Oireachtas to sit in that House, (
  4. d)regarded pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997 as having been elected to be a member of the European Parliament, (
  5. e)a member of a local authority, or (
  6. f)entitled under the standing orders of a local authority to sit as a member of that local authority. Removal of chief executive 29.
(1)The Board may, by a simple majority, remove the chief executive from office if it is satisfied that one or more of the grounds specified in subsection
(2)apply to the chief executive.
(2)The grounds referred to in subsection
(1)are that— (
  1. a)the chief executive has become incapable, through ill-health, of performing his or her functions, (
  2. b)the chief executive has committed stated misbehaviour, or (
  3. c)the removal of the chief executive is necessary for the effective and efficient performance of the Authority’s functions.
(3)Where the Board proposes to remove the chief executive from office under subsection
(1), it shall notify the chief executive in writing of the proposal.
(4)A notice under subsection
(3)shall include a statement— (
  1. a)of the reasons for the proposed removal, (
  2. b)that the chief executive may make representations to the Board in such form and manner as may be prescribed, (
  3. c)that any such representations must be made within a period of 20 working days from the date of the giving of the notice, or such longer period as the Board may, having regard to the requirements of natural justice, specify in the notice, and (
  4. d)that at the end of the period referred to in paragraph (
  5. c)or in the notice, whether or not any representations are made, the Board shall decide whether to remove the chief executive from office.
(5)In considering whether to remove the chief executive from office under subsection
(1), the Board shall take into account— (
  1. a)any representations made pursuant to paragraph (
  2. b)and (
  3. c)of subsection
(4), and (b) any other matter that the Board considers relevant for the purposes of its decision.
(6)Where, after giving notice under subsection
(3), the Board decides not to remove the chief executive from office, the Board shall notify the chief executive in writing of the decision.
(7)Where, after giving notice under subsection
(3), the Board decides to remove the chief executive from office, it shall— (
  1. a)notify the chief executive and the Minister, in writing, of the decision, the reasons for it and the date from which it shall take effect (which shall be a date not earlier than the date of the notice under this paragraph), (
  2. b)lay before each House of the Oireachtas a statement in writing of the decision and the reasons for it, (
  3. c)provide a statement in writing of the decision and the reasons for it to the Oireachtas Committee to which the Oireachtas has assigned the role of examining matters relating to the automatic enrolment retirement savings system, and (
  4. d)provide a copy of the statement referred to in paragraph (
  5. b)to the chief executive. Staff of Authority 30.
(1)The Authority may, with the approval of the Minister and the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, appoint such persons to be members of the staff of the Authority as it may determine.
(2)The terms and conditions of service of a member of the staff of the Authority and the grade at which he or she serves shall be such as may be determined by the Authority, with the approval of the Minister and the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform.
(3)Appointments under this section shall be subject to the Public Service Management (Recruitment and Appointments) Act 2004 and the Civil Service Regulation Acts 1956 to 2005.
(4)A member of the staff of the Authority shall be a civil servant in the Civil Service of the State.
(5)The Authority is the appropriate authority (within the meaning of the Civil Service Regulation Acts 1956 to 2005) in relation to members of its staff.
(6)The Authority may make arrangements with— (
  1. a)a public body, or (
  2. b)any other person, for the engagement with the Authority on a temporary basis of a person in the service of, or employed by, such public body or person.
(7)A person who is engaged on a temporary basis with the Authority pursuant to an arrangement under subsection
(6)shall be under the direction and control of the chief executive during the period of engagement.
(8)The Minister may make available to the Authority premises, equipment, services and other resources for the performance by the Authority of its functions.
(9)The Minister may, subject to agreement with the chief executive (by whatever name called) of any public body, provide for the provision of resources under subsection
(8).
(10)In this section, “public body” means— (
  1. a)a Minister of the Government, (
  2. b)a local authority, (
  3. c)a body (other than a company) established by or under an enactment, or (
  4. d)a company established pursuant to a power conferred by or under an enactment, and financed wholly or partly by— (
  5. i)moneys provided, or loans made or guaranteed, by a Minister of the Government, or (
  6. ii)the issue of shares held by or on behalf of a Minister of the Government. Engagement of consultants and advisers 31.
(1)The Authority may engage such consultants and advisers for such period and subject to such terms and conditions as it considers necessary or expedient for the performance of its functions.
(2)Fees due to a consultant or adviser engaged under this section shall, having regard to guidelines issued from time to time by the Minister for Public Expenditure, National Development Plan Delivery and Reform, be paid by the Authority out of moneys at its disposal.
(3)The Authority shall comply with any directions concerning the engagement of consultants and advisers which the Minister, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, may give to it. Engagement of service providers 32.
(1)The Authority may engage persons to provide services, other than investment management services, where the Authority considers it necessary or expedient for the performance of its functions.
(2)Contracts for the provision of services to the Authority by service providers shall include conditions requiring that each service provider— (
  1. a)operates to the highest standards of honesty and fairness and with due skill, care, prudence and diligence in conducting its business activities under the contract so as to assist the Authority in the performance of its functions, (
  2. b)effectively employs the resources and procedures that are necessary for the proper performance of such business activities, (
  3. c)makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to the Authority, (
  4. d)complies with any regulatory regime to which it is subject, (
  5. e)fully cooperates with auditors appointed by the Authority to carry out an audit of the books, accounts and other financial statements of the service provider in so far as they relate to the services performed for the Authority, and (
  6. f)complies with requests for information from the Authority.
(3)Fees due to a service provider are payable by the Authority out of moneys at its disposal. Chapter 4 Funding, reporting and accountability Appearance before Public Accounts Committee 33.
(1)The chief executive shall, whenever required in writing to do so by the Committee of Dáil Éireann established under the Standing Orders of Dáil Éireann to examine and report to Dáil Éireann on the accounts and reports of the Comptroller and Auditor General (in this section referred to as the “Committee”), give evidence to the Committee in relation to— (
  1. a)the regularity and propriety of the transactions recorded or required to be recorded in any book or other record of account subject to audit by the Comptroller and Auditor General that the Authority is required by or under this Act or any other enactment to prepare, (
  2. b)the economy and efficiency of the Authority in the use of its resources, (
  3. c)the systems, procedures and practices employed by the Authority for the purpose of evaluating the effectiveness of its operations, and (
  4. d)any matter affecting the Authority referred to in a special report of the Comptroller and Auditor General under section 11
(2)of the Comptroller and Auditor General (Amendment) Act 1993 or in any other report of the Comptroller and Auditor General, in so far as it relates to a matter specified in paragraph (a), (b) or (c), that is laid before Dáil Éireann.
(2)In the performance of his or her duties under this section, the chief executive shall not question or express an opinion on the merits of— (
  1. a)any policy of the Government or of a Minister of the Government, or (
  2. b)the objectives of such a policy.
(3)When appearing before the Committee, the chief executive shall appear as an accountable person and not as an accounting officer.
(4)Any evidence given under subsection
(1)shall, subject to preserving confidentiality in relation to such commercially sensitive information as determined by the Authority, relate to the policies of the Authority. Appearances before committees of Houses of Oireachtas 34.
(1)Subject to subsection
(2), the chief executive shall, at the request in writing of an Oireachtas Committee, attend before it to give an account of the general administration of the Authority.
(2)The chief executive shall not be required to give an account before an Oireachtas Committee of any matter which is the subject of proceedings before a court or tribunal in the State.
(3)Where the chief executive is of the opinion that a matter in respect of which he or she is requested to give an account before an Oireachtas Committee is a matter to which subsection
(2)applies, he or she shall inform the Oireachtas Committee of that opinion and the reasons for the opinion and, unless the information is conveyed to that Oireachtas Committee at a time when the chief executive is before it, the information shall be so conveyed in writing.
(4)Where the chief executive has informed an Oireachtas Committee of his or her opinion in accordance with subsection
(3)and the Oireachtas Committee does not withdraw its request on the matter the subject of that opinion— (a) the chief executive may, not later than 21 days after being informed by the Oireachtas Committee of its decision not to do so, apply to the High Court in a summary manner for determination of the question whether the matter is one to which subsection
(2)applies, or (b) the chairperson of the Oireachtas Committee may, on behalf of the Oireachtas Committee, make such an application not later than 21 days after informing the chief executive of its decision not to do so, and the High Court shall determine the matter.
(5)Pending the determination of an application under subsection
(4), the chief executive shall not attend before the Oireachtas Committee to give account for the matter the subject of the application.
(6)If the High Court determines that the matter concerned is one to which subsection
(2)applies, the Oireachtas Committee shall withdraw the request referred to in subsection
(1), but if the High Court determines that subsection
(2)does not apply, the chief executive shall attend before the Oireachtas Committee to give account for the matter.
(7)In the performance of his or her duties under this section, the chief executive shall not question or express an opinion on the merits of any policy of the Government or a Minister of the Government or on the merits of the objectives of such a policy.
(8)With the permission of the chairperson of the Oireachtas Committee making the request under subsection
(1), a member of staff of the Authority nominated by the chief executive may attend before the Oireachtas Committee in place of the chief executive to give an account of the general administration of the Authority, and in that case a reference in subsections
(2)to
(7)to the chief executive shall be read as including a reference to the person attending in his or her place. Expenses of Authority 35.
(1)The Minister may, having consulted with the chief executive and with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, prescribe— (
  1. a)the fees payable to the Authority in relation to the performance by it of its functions, (
  2. b)the fees payable to the Authority for the purpose of meeting the cost of services provided by investment management providers, (
  3. c)the persons by whom such fees are to be paid, (
  4. d)when such fees are to be paid, and (
  5. e)any general or specific exemptions from the payment of fees, and different provision may be made in respect of different classes or types of functions and different services or activities provided or carried out by the Authority in connection with the performance of those functions.
(2)In prescribing the fees payable to the Authority under subsection
(1)(a), the Minister shall take account of the expenses incurred by the Authority in the performance of its functions.
(3)The chief executive shall determine— (
  1. a)the manner or method of payment of any fees payable to the Authority, and (
  2. b)the form in which the payment of any such fees shall be recorded, including the provision of a receipt in respect of such payment.
(4)The expenses incurred by the Authority in the performance of its functions shall, to such extent as may be sanctioned by the Minister for Public Expenditure, National Development Plan Delivery and Reform, be paid out of moneys provided by the Oireachtas. Power to borrow 36.
(1)The Authority may, with the consent of the Minister, the Minister for Finance and the Minister for Public Expenditure, National Development Plan Delivery and Reform and subject to such conditions (if any) as they may specify, from time to time, borrow money (whether on the security of the assets of the Authority or not).
(2)The aggregate standing borrowed under this section at any one time shall not exceed such amount as the Minister may, with the consent of the Minister for Finance and the Minister for Public Expenditure, National Development Plan Delivery and Reform, determine. Statement of strategy 37.
(1)The Board shall— (
  1. a)not later than 6 months after the commencement of this section, prepare and submit to the Minister a statement of strategy in respect of the period of 3 years immediately following the year in which the statement of strategy is so submitted, and (
  2. b)not later than 3 months before the expiry of the period of 3 years to which the statement of strategy for the time being in effect applies, prepare and submit to the Minister a statement of strategy in respect of the period of 3 years immediately following the year in which the first-mentioned statement of strategy expires.
(2)The Board shall, before preparing and submitting a statement of strategy in accordance with subsection
(1), seek and obtain the advice of the chief executive in relation thereto.
(3)The Board shall, in the preparation of a statement of strategy, have regard to the need to ensure the most effective and efficient use of the resources available to the Authority.
(4)A statement of strategy shall— (
  1. a)except in the case of the statement of strategy first prepared, submitted and approved under this section, contain a review of the implementation of the immediately preceding statement of strategy, (
  2. b)include the objectives, intended outputs and related strategies (including use of resources) of the Authority, (
  3. c)specify the manner in which the Board proposes to assess the effectiveness of the implementation of the statement of strategy, (
  4. d)include a statement setting out the approach taken to give effect to section 9
(2), (
  1. e)include any other matters that the Minister may from time to time direct, and (
  2. f)be prepared in a form and manner that is in accordance with any directions issued from time to time by the Minister.
(5)The Minister shall, as soon as is practicable after a statement of strategy has been submitted to him or her under subsection
(1)or resubmitted pursuant to a direction under paragraph (c)— (
  1. a)approve the statement of strategy, (
  2. b)approve the statement of strategy subject to such modifications as he or she may specify, or (
  3. c)refuse to approve the statement of strategy and require the Board, by direction in writing, to prepare and submit to the Minister a revised statement of strategy.
(6)The Board shall comply with a direction under this section by such date as may be specified in the direction.
(7)The Authority shall not implement a statement of strategy unless it has been approved by the Minister in accordance with paragraph (a) or (b) of subsection
(5).
(8)The Minister shall, as soon as is practicable after having approved a statement of strategy in accordance with paragraph (a) or (b) of subsection
(5), cause a copy of that statement to be laid before each House of the Oireachtas.
(9)The Board shall, as soon as is practicable after the approval of a statement of strategy in accordance with paragraph (a) or (b) of subsection
(5), cause that statement to be published on a website maintained by or on behalf of the Authority and, where the Board considers it appropriate, in such other manner as it shall determine. Annual plan 38.
(1)The Board shall prepare and submit to the Minister, at least 2 months before the commencement of each financial year, an annual plan relating to the performance of its functions, including— (
  1. a)the objectives and intended outputs of the Authority for that year and its strategy for achieving those objectives and outputs, having regard to the statement of strategy under section 37 in effect in relation to that year, (
  2. b)the Authority’s priorities for its work to achieve those objectives and outputs, and (
  3. c)any other matter that the Minister may direct.
(2)The Authority shall, in preparing each annual plan, have regard to the need to ensure the most effective, efficient and economical use of its resources.
(3)The Authority shall give a copy of the annual plan to such committees of either or both Houses of the Oireachtas as the Minister may direct. Accounts and audits 39.
(1)The Authority shall keep, or cause to be kept, in such form as may be approved by the Minister, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, all proper and usual accounts (in this section referred to as “annual accounts”) of all moneys received or expended by it and, in particular, shall keep in such form as may be approved by the Minister accounts and records of— (
  1. a)all income and expenditure of the Authority, (
  2. b)the source of all income and the subject matter of the expenditure, (
  3. c)all property, assets and liabilities of the Authority, and (
  4. d)such other special accounts (if any) as the relevant Minister may, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, from time to time direct.
(2)Annual accounts shall be submitted by the Authority, not later than 1 March in the year immediately following the financial year to which they relate or on such earlier date as the Minister may from time to time specify, for audit to the Comptroller and Auditor General.
(3)Within one month of the Comptroller and Auditor General issuing an audit certificate for the accounts of the Authority, a copy of— (
  1. a)the accounts, and (
  2. b)the report of the Comptroller and Auditor General on the accounts, shall be presented to the Minister who, within 2 months after their receipt, shall cause copies of them to be laid before each House of the Oireachtas.
(4)The Authority shall furnish to the Minister any information the Minister may require it to furnish in respect of any balance sheet, account or report of the Authority.
(5)The Board and the chief executive and other members of staff of the Authority, whenever so requested by the Minister, shall— (
  1. a)permit any person appointed by the Minister to examine the books or other records of account of the Authority in respect of any financial year or other period, and (
  2. b)facilitate the examination, and the Authority shall pay such audit fee as may be fixed by the Minister for the examination. Annual report 40.
(1)The Authority shall, not later than 30 June in each year, prepare and submit to the Minister an annual report in writing on the performance of its functions during the preceding year.
(2)Notwithstanding subsection
(1), if, but for this subsection, the first annual report under this section would relate to a period of less than 6 months, the report shall relate to that period and to the year immediately following that period and shall be made as soon as may be, but not later than 6 months after the end of that year.
(3)An annual report shall include— (
  1. a)a statement on the activities undertaken by the Authority, (
  2. b)a general report on the complaints and reviews received by the Authority during the period concerned indicating— (
  3. i)the total number of complaints received, (
  4. ii)the total number of reviews and appeals received under Part 8 , (iii) the nature of the complaints, reviews and appeals received, and (
  5. iv)the outcome of any investigations into the complaints, reviews and appeals, (
  6. c)a review of the performance of the AE provider schemes over— (
  7. i)the 5 preceding calendar years, (
  8. ii)the 10 preceding calendar years, and (iii) any other periods of such duration as may be determined by the Board, and (
  9. d)any other particulars that the Authority considers appropriate or as the Minister may direct.
(4)The Minister shall, as soon as may be after receiving the annual report, cause copies of the annual report to be laid before each House of the Oireachtas.
(5)The Authority shall arrange for an annual report to be published, on a website maintained by or on behalf of the Authority or in any other manner as the Minister may specify, as soon as is practicable after copies of the report are laid before each House of the Oireachtas. Request from Minister to Authority for report 41. The Minister may, from time to time as he or she considers appropriate, request the Authority to make a report to him or her on any matter relating to the functions of the Authority or the Board, and the Authority shall comply with the request within the period specified in the request or within such other period as may be agreed by the Minister and the Authority. Production of statistical data 42.
(1)The Authority shall publish on a website maintained by or on behalf of the Authority— (
  1. a)aggregate statistical data relating to participation in the automatic enrolment retirement savings system, (
  2. b)statistical data relating to the types of investments held by AE provider schemes, and (
  3. c)such other statistical information as may be prescribed.
(2)The Authority shall perform the functions in subsection
(1)in a transparent, independent and accountable manner with due respect for the protection of confidential information. Power to monitor, review and make recommendations 43.
(1)The Authority shall monitor and review the operation and effectiveness of this Act and the automatic enrolment retirement savings system, including the adequacy of the functions assigned to the Authority.
(2)A review under subsection
(1)shall be conducted not later than 5 years after the coming into operation of this section and, thereafter, from time to time as the Authority may determine.
(3)A review under subsection
(1)shall include consideration of the following matters: (a) the earnings threshold for enrolment set out in section 50
(3); (
  1. b)the ages between which a person is eligible for enrolment; (
  2. c)the ages between which a person is eligible to opt in under section 53 ; (
  3. d)the required employment status of persons eligible for enrolment; (
  4. e)the provision of insurances and other benefits by the Authority in relation to retirement savings; (
  5. f)the range of AE provider schemes offered by the Authority; (
  6. g)the rates of contribution under section 61 ; (
  7. h)the provision of draw-down options under section 80 ; (
  8. i)any other matter that may be directed by the Minister from time to time.
(4)The Authority shall, following a review under subsection
(1), prepare a report of the findings of the review and set out such recommendations, if any, as it considers appropriate.
(5)The Authority shall submit a report and recommendations, if any, prepared under subsection
(4)to the Minister for his or her consideration and the Minister shall have regard to any such recommendations.
(6)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.
(7)The Authority shall publish the report of the findings of a review and its recommendations, if any, on a website maintained by or on behalf of the Authority. Chapter 5 Supervisory report by Pensions Authority Supervisory report by Pensions Authority 44.
(1)After the end of each reporting period the Pensions Authority shall, in accordance with section 45 , prepare and submit to the Minister a report, referred to in this section as a “supervisory report”.
(2)For the purpose of preparing a supervisory report the Pensions Authority shall review— (
  1. a)the performance by the Authority and the Board of their functions in the reporting period, (
  2. b)the operation and effectiveness in the reporting period of the Authority’s systems of governance and systems of operation, including in relation to— (
  3. i)the systems, procedures and practices for the internal performance management and accountability of the Authority under section 10
(2)(a), (ii) the arrangements for the management of the performance of the chief executive under section 10
(2)(b), (iii) the systems of internal control put in place under section 18
(2)(b), (iv) the risk management guidelines established under section 19
(2)(b), (v) the system for monitoring of the AE provider schemes under section 19
(2)(d), (
  1. vi)procedures for appointment of investment management providers under section 68 , and (vii) procedures for the engagement and oversight of service providers under section 32 , and (
  2. c)the operation and effectiveness of this Act in the reporting period, including in particular— (
  3. i)the appropriateness of the provision made by section 105 as to the information to be provided to participants, (
  4. 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, (
  5. iv)the appropriateness of the fees payable to the Authority pursuant to regulations made under section 35 , and (
  6. 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), (
  1. b)its assessment at the date of the report of the arrangements referred to in subparagraph (
  2. i)to (vii) of subsection
(2)(b), (
  1. c)its assessment at the date of the report of the operation and effectiveness of this Act, including the matters referred to in subparagraph (
  2. i)to (
  3. 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— (
  1. a)where the period beginning with the day on which this section comes into operation and ending with 31 December in the same year is not less than 6 months, that period, or (
  2. b)where the period beginning with the day on which this section comes into operation 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. 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— (
  1. a)a copy of any material relied on by the Pensions Authority in preparing the draft report, and (
  2. 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 . 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 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— (
  1. a)is issued by the Authority to an employer in respect of an employee, and (
  2. 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. Death of employer
  1. 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 Participants
  2. 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). Automatic enrolment 50.
(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 as the person’s enrolment date.
(2)The conditions for enrolment for any pay reference period are— (
  1. a)that on the last day of the pay reference period the person is aged at least 23 years and under 60 years, (
  2. b)that on that day the person is an employee in employment that is not exempt employment, and (
  3. 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)(
  1. c)is: (
  2. a)where the pay reference period is a year,€20,000; (
  3. 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.
(7)An employer to whom notice is given under subsection
(6)shall 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. 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— (
  1. 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 (
  2. b)under regulations under Chapter 4 of Part 42 of the Taxes Consolidation Act 1997 the deduction of amounts referred to in paragraph (
  3. 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— (
  1. 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 (
  2. b)under regulations under Chapter 4 of Part 42 of the Taxes Consolidation Act 1997 the payment of contributions referred to in paragraph (
  3. 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— (
  1. 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 (
  2. b)in any other case, any occupational pension scheme.
(5)For the purpose of this section, a “qualifying PRSA” means— (
  1. 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 (
  2. b)in any other case, any PRSA.
(6)For the purpose of this section, a “qualifying trust RAC” means— (
  1. 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 (
  2. b)in any other case, any trust RAC.
(7)For the purpose of this section, a “qualifying PEPP” means— (
  1. 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 (
  2. 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 . Standards for purposes of section 51 52.
(1)The Authority, in consultation with the Pensions Authority, shall draw up— (
  1. a)standards to apply for the purposes of section 51 in relation to occupational pension schemes, (
  2. b)standards to apply for the purposes of section 51 in relation to PRSAs, (
  3. c)standards to apply for the purposes of section 51 in relation to trust RACs, and (
  4. 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— (
  1. a)shall have regard to the operation of this Act in relation to participants, and (
  2. 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. 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— (
  1. a)the person has reached the age of 18 years and is under pensionable age, and (
  2. 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— (
  1. a)is under pensionable age, and (
  2. 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— (
  1. a)give the reasons for the refusal, and (
  2. 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.
(8)An employer to whom notice is given under subsection
(7)shall 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. 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); (
  1. c)the period which is more than 6 months but not more than 8 months after the end of years 1 to 3; (
  2. d)the period which is more than 6 months but not more than 8 months after the end of years 4 to 6; (
  3. 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. 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— (
  1. a)the proposed re-enrolment date is after the period of 2 years beginning with the opt-out date, (
  2. b)on the proposed re-enrolment date the person is under pensionable age, and (
  3. c)on the proposed re-enrolment date the person is an employee in employment that is not exempt employment.
(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— (
  1. a)that person, and (
  2. b)any person treated for the purposes of the determination as that person’s employer in employment that is not exempt employment. 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); (c) prescribe a different age than an age specified in section 53
(2)(a).
(2)The age or amount prescribed under subsection
(1)shall be such as the Minister considers appropriate having regard to the following: (
  1. a)the general state of society and of the economy; (
  2. b)the public interest and the interests of employees and employers; (
  3. c)the impact that the substitution may have— (
  4. i)on society and the economy, and (
  5. ii)on employees or employers, generally or in particular sectors or particular kinds of employment; (
  6. d)annual and quarterly data on earnings and labour costs published by the Central Statistics Office; (
  7. e)expert opinion, research and national or international reports that the Minister considers relevant relating to the matters referred to in paragraphs (
  8. a)to (d); (
  9. f)the views of the Authority; (
  10. g)the views of trade unions and of employer representative bodies; (
  11. h)any other matters the Minister considers relevant. Chapter 3 Contributions 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— (
  1. a)ceases to be a contributing participant on the opt-out date, and (
  2. 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. Contributions 58.
(1)In the case of each contributing participant— (
  1. a)a participant contribution, (
  2. b)an employer contribution, and (
  3. c)a State contribution, 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— (
  1. a)by a payroll notification to the employer, in the case of participant contributions and employer contributions, and (
  2. 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. 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— (
  1. a)calculate the participant contribution payable in respect of the payment of emoluments, (
  2. b)deduct the amount of the contribution from the emoluments, and (
  3. c)pay the contribution to the Authority.
(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)— (
  1. a)calculate the employer contribution payable in respect of the payment of emoluments, and (
  2. 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. 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. Rates of contribution 61.
(1)The rate of participant contributions and employer contributions in respect of a contributing participant in any employment shall be: (
  1. a)for a payment of emoluments in years 1 to 3, 1.5 per cent; (
  2. b)for a payment of emoluments in years 4 to 6, 3 per cent; (
  3. c)for a payment of emoluments in years 7 to 9, 4.5 per cent; (
  4. 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: (
  1. a)for a payment of emoluments in years 1 to 3, 0.5 per cent; (
  2. b)for a payment of emoluments in years 4 to 6, 1 per cent; (
  3. c)for a payment of emoluments in years 7 to 9, 1.5 per cent; (
  4. d)for a payment of emoluments after the end of years 7 to 9, 2 per cent. 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— (
  1. a)not less than 6 months after the enrolment date or any re-enrolment date of the participant, and (
  2. b)not less than 6 months after the end of any earlier period of suspension.
(3)A period of suspension ends: (
  1. a)on any date notified by the participant to the Authority; (
  2. 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— (
  1. a)the form and content of a notice from a participant to suspend contributions or end a period of suspension, and (
  2. b)the period within which the notice shall be given. 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)(
  1. b)and ending with the opt-out date, (
  2. 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. 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— (
  1. 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 (
  2. 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. 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 Further power to make regulations 66.
(1)The Minister may make regulations providing for any of the following matters: (
  1. 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; (
  2. 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; (
  3. 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; (
  4. 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; (
  5. 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; (
  6. 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; (
  7. 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; (
  8. h)the operation of this Part in circumstances where— (
  9. 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 (
  10. ii)there is a change in the employer from whom the employee receives the emoluments or annuity or pension; (
  11. 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; (
  12. j)the operation of this Part in circumstances in which— (
  13. 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 (
  14. 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 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. 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— (
  1. a)provision under which the investment management provider and any subcontractor shall be a regulated financial service provider, (
  2. 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, (
  3. c)any other provision required by this Act, and (
  4. 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— (
  1. a)the legislation providing for the regulation or supervision, as referred to in that paragraph, of the business of that person, and (
  2. b)any other legislation applying to the provision of financial services under the investment management contract between the Authority and that person. 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— (
  1. a)the higher risk level, consisting of AE provider schemes with a risk rating of 5, 6 or 7, (
  2. b)the medium risk level, consisting of AE provider schemes with a risk rating of 3 or 4, (
  3. c)the lower risk level, consisting of AE provider schemes with a risk rating of 1 or 2, 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— (
  1. a)there are at least 3 prescribed risk levels, and (
  2. 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— (
  1. 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, (
  2. b)custom and practice in the financial industry in applying scales and methodologies referred to in paragraph (
  3. a)or other scales and methodologies for the purpose of indicating the level of risk of a UCITS or alternative investment fund, (
  4. c)the extent to which a scale and methodology referred to in paragraph (
  5. a)and custom and practice referred to in paragraph (
  6. b)are applicable to AE provider schemes to which the regulations apply and appropriate for the purposes of this section, and (
  7. 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. 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: (
  1. a)where the period before the participant reaches pensionable age is more than 15 years, the higher risk level; (
  2. b)where that period is 15 years or less, but more than 5 years, the medium risk level; (
  3. c)where that period is 5 years or less, the lower 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— (
  1. a)for different risk levels to be the appropriate risk level in relation to different parts of the participant’s contributions, and (
  2. 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. 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— (
  1. a)the making of the regulations is recommended— (
  2. i)by the Authority after carrying out an assessment in accordance with a request under subsection
(2), and (
  1. ii)by one or more persons appointed by the Minister to consider the matter, and (
  2. 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. 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, (
  1. b)for the provider to notify the Authority of the units issued, and (
  2. c)for the units to be registered by the provider in the name of the Authority.
(5)Units in which an amount transferred under subsection
(1)is invested— (
  1. a)are held by the Authority on behalf of the participant concerned, and (
  2. b)shall be recorded by the Authority in the participant’s account. 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— (
  1. a)in relation to any participant, any amount transferred is transferred to an AE provider scheme within the appropriate risk level, and (
  2. 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. Investment rules 74.
(1)An investment management provider shall invest the resources of each AE provider scheme provided by that provider— (
  1. a)in accordance with the prudent person rule (within the meaning of the Directive of 2016), and (
  2. 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— (
  1. 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, (
  2. 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 p

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