Automatic Enrolment Retirement Savings System Act 2024

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.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(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— (a) a company formed and registered under the Companies Act 2014 , or (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— (a) a provision of the treaties governing the European Union, or (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: (a) by delivering it to the person; (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; (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; (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 5. 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) 6. 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 7. 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— (a) shall be a body corporate with perpetual succession and an official seal, (b) may sue and be sued in its corporate name, and (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— (a) by the signature of any 2 members of the Board, or (b) by the signatures— (i) of a member of the Board, and (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— (a) establish, maintain and control generally the automatic enrolment retirement savings system, (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 , (c) arrange for the collection of contributions in accordance with Chapter 3 of Part 3 , (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, (e) arrange for the investment of contributions with investment management providers in accordance with the appropriate risk levels and investment rules under Part 4 , (f) facilitate the payment of retirement savings out of participants’ accounts in accordance with Part 5 , (g) monitor and enforce compliance with this Act, and (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— (a) to provide a high quality retirement savings system that— (i) operates in the best interests of participants, and (ii) is digital by default, and (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— (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— (i) the performance of its functions, (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 (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— (a) the functions of the Authority, and (b) organisational governance, management, financial administration and financial investment. (5) Of the members of the Board, other than the chairperson— (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 (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— (a) 4 members are appointed for a term of office of 3 years from the date of appointment, (b) 3 members are appointed for a term of office of 4 years from the date of appointment, and (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— (a) resign from the Board, or (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— (a) nominated as a member of Seanad Éireann, (b) elected as a member of either House of the Oireachtas or of the European Parliament, (c) entitled under the Standing Orders of either House of the Oireachtas to sit in that House, (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, (e) a member of a local authority, or (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— (a) is or becomes a member of staff of the Authority, (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, (c) is convicted of an offence involving fraud or dishonesty, (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, (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, (f) makes a composition or arrangement with his or her creditors, or (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— (a) the member has, without reasonable excuse, failed to discharge the functions of the office, (b) the member has become incapable through ill-health or otherwise of performing the functions of the office, (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), (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 (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— (a) of the reasons for the proposed removal, (b) that the member may make representations to the Minister in such form and manner as may be specified, (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 (d) that at the end of the period specified in paragraph (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— (a) any representations made by the member in accordance with paragraph (b) and (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— (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), (b) lay before each House of the Oireachtas a statement in writing of the decision and the reasons for it, (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 (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— (a) the chairperson shall, if present, be the chairperson of the meeting, or (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— (a) ensure the transparency and integrity of the Authority’s accounting and financial reporting systems, (b) ensure that appropriate systems of internal control are in place, in particular, systems for risk management and financial and operational control, and (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— (a) 2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and (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— (a) establish an investment strategy for the purpose of entering into and managing investment management contracts under section 68 , (b) establish risk management guidelines within the framework of the investment strategy, (c) advise the Board on matters relating to the investment strategy or risk management guidelines as the Board may require, and (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— (a) 2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and (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— (a) a member of the Board, or (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— (a) shall, in advance of any consideration of the matter, disclose that material interest to the Board or the committee of the Board concerned, (b) shall take no part in the deliberation in relation to the matter, (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, (d) shall not influence or seek to influence a decision to be made in relation to the matter, (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 (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)— (a) the disclosure shall be recorded in the minutes of the meeting, and (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— (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 (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)— (a) the chairperson presiding over the meeting shall determine the question, or (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— (a) shall disclose to the chief executive the fact of his or her interest and its nature, (b) shall not perform the function, and (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— (a) a member of the Board, a member of a committee of the Board or a member of the staff of the Authority, (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, (c) a member, a member of a committee or a member of the staff of the Pensions Authority, or (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— (a) is made in the performance of functions of the Authority, (b) is made in the performance of functions of the Pensions Authority, (c) is made to or authorised by the Authority, the Board, or the chief executive, (d) is made by a person in the circumstances referred to in section 35 (2) of the Ethics in Public Office Act 1995 , (e) is a protected disclosure within the meaning of the Protected Disclosures Act 2014 , (f) is required or permitted by law, or (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— (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 (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— (a) dies, resigns or is removed from office, or (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— (i) in the circumstances mentioned in paragraph (a), a new chief executive is appointed in accordance with this section, or (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— (a) implement the policies and decisions of the Board, (b) carry on and manage and control generally the staff, the administration and business of the Authority, (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, (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 (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— (a) nominated as a member of Seanad Éireann, (b) elected as a member of either House of the Oireachtas or of the European Parliament, (c) entitled under the Standing Orders of either House of the Oireachtas to sit in that House, (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, (e) a member of a local authority, or (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— (a) the chief executive has become incapable, through ill-health, of performing his or her functions, (b) the chief executive has committed stated misbehaviour, or (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— (a) of the reasons for the proposed removal, (b) that the chief executive may make representations to the Board in such form and manner as may be prescribed, (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 (d) that at the end of the period referred to in paragraph (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— (a) any representations made pursuant to paragraph (b) and (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— (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), (b) lay before each House of the Oireachtas a statement in writing of the decision and the reasons for it, (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 (d) provide a copy of the statement referred to in paragraph (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— (a) a public body, or (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— (a) a Minister of the Government, (b) a local authority, (c) a body (other than a company) established by or under an enactment, or (d) a company established pursuant to a power conferred by or under an enactment, and financed wholly or partly by— (i) moneys provided, or loans made or guaranteed, by a Minister of the Government, or (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— (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, (b) effectively employs the resources and procedures that are necessary for the proper performance of such business activities, (c) makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to the Authority, (d) complies with any regulatory regime to which it is subject, (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 (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— (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, (b) the economy and efficiency of the Authority in the use of its resources, (c) the systems, procedures and practices employed by the Authority for the purpose of evaluating the effectiveness of its operations, and (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— (a) any policy of the Government or of a Minister of the Government, or (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 de …