Automatic Enrolment Retirement Savings System Act 2024 section 105

Participants' annual statements

Section 105 requires the Authority to provide each participant with an annual statement at least once every 12 months, setting out key information about their account, contributions, savings projections, and costs.

• The annual statement must include details of the participant's account, their projected pensionable age, the AE provider scheme and risk level applicable to them, retirement savings projections (with best estimate and unfavourable scenarios), accrued savings, a breakdown of contributions from the participant, employer and the State over the preceding 12 months, and a breakdown of costs deducted by the Authority.
• The statement must highlight any material changes compared to the immediately preceding statement, and where a participant has transferred between provider schemes or risk levels during the period, the statement must include the required information for each applicable risk level.
• Electronic statements must be issued within 6 months of the statement date; for non-electronic statements, the timeframe is to be set by regulations.
• The Minister may make regulations specifying the detailed nature of the information to be included, the period the statement covers, and the form and content of annual statements.