Automatic Enrolment Retirement Savings System Act 2024 section 2

Definitions

Section 2 defines the key terms used throughout the Automatic Enrolment Retirement Savings System Act 2024, providing a glossary of common expressions that apply across the legislation.

• The section defines the main parties involved in the system: participants (employees enrolled in the scheme), employers, the Authority (which oversees the system), the Minister for Social Protection, and service providers engaged to support the scheme's operation.
• Three types of contribution are identified: participant contributions (from the employee), employer contributions (from the employer), and State contributions (from the Government), each governed by separate provisions of the Act.
• Important dates and periods are defined, including the enrolment date (when a person is first brought into the system), the re-enrolment date (when a person who has opted out is automatically enrolled again), the financial year (which runs on a calendar-year basis), and pensionable age (as defined in the Social Welfare Consolidation Act 2005).
• The section also defines structural and organisational terms such as AE provider scheme, investment management provider, company (as formed under the Companies Act 2014), the NTMA (National Treasury Management Agency), and European Union act.