Automatic Enrolment Retirement Savings System Act 2024 section 64

Repayment of contributions in prescribed circumstances

Section 64 establishes the framework for repaying contributions where overpayments or incorrect payments have been made under the automatic enrolment system.

• The Authority is obliged to repay contributions paid by or on behalf of a person in prescribed circumstances and in accordance with prescribed procedures.
• The Minister must make regulations setting out the circumstances, manner, and procedure for repayments, including where overpayments have not been adjusted under other provisions of the Act.
• An overpayment includes any payment made on an incorrect factual basis, or one requiring adjustment following a later decision, where the corrected position would have resulted in a lower payment or no payment at all.
• The regulations must also cover situations where the person entitled to the repayment has died or cannot be traced.