Automatic Enrolment Retirement Savings System Act 2024 section 49

Participants

Section 49 defines when a person becomes a participant in the automatic enrolment retirement savings system.

• A person becomes a participant on the enrolment date assigned to them.
• The enrolment date is assigned either under section 50(1) (automatic enrolment) or section 53(1) (voluntary opt-in).
• Section 50 deals with automatic enrolment by an employer, while section 53 deals with a person's right to opt in voluntarily.
• Participant status — and the obligations and entitlements that flow from it — begins from the assigned enrolment date, not from any earlier or later point.