Automatic Enrolment Retirement Savings System Act 2024 section 43

Power to monitor, review and make recommendations

Section 43 requires the Authority to monitor and periodically review the operation and effectiveness of the automatic enrolment retirement savings system, and to report its findings and recommendations to the Minister.

• The Authority must conduct its first review within 5 years of the system coming into operation, with further reviews at its discretion thereafter.
• Reviews must cover key aspects including the earnings threshold for enrolment, eligible age ranges, employment status requirements, contribution rates, and the range of provider schemes offered.
• The Authority must also consider the provision of insurances, other retirement savings benefits, draw-down options, and any additional matters directed by the Minister.
• Following each review, the Authority must prepare and publish a report with recommendations, submit it to the Minister, and the Minister must lay copies before each House of the Oireachtas.