Automatic Enrolment Retirement Savings System Act 2024 section 119

Amendment of Financial Services and Pensions Ombudsman Act 2017

Section 119 amends the Financial Services and Pensions Ombudsman Act 2017 to bring the automatic enrolment retirement savings system within the scope of the Pensions Ombudsman's jurisdiction.

• A new definition of "automatic enrolment retirement savings system" is inserted into the 2017 Act, referring to the system established under the 2024 Act.
• The definition of "member" is expanded so that, in the context of automatic enrolment, it means a participant as defined in the 2024 Act, while the existing meaning is preserved for all other pension schemes.
• The definition of "pension provider" is rewritten so that, for automatic enrolment purposes, the pension provider is the National Automatic Enrolment Retirement Savings Authority (An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir), while the existing list of providers continues to apply to other schemes.
• The definition of "scheme" is broadened to include the automatic enrolment retirement savings system alongside existing pension schemes and trust RACs, and a minor cross-referencing correction is made in relation to the Minister's regulation-making powers.