Automatic Enrolment Retirement Savings System Act 2024 section 78

Interpretation (Part 5)

Section 78 defines key terms used throughout Part 5 of the Act, which deals with payments out of participants' accounts, covering account balances, personal representatives, and the redemption value of units in an AE provider scheme.

• Balance means the amount credited to a participant's account when contributions are invested or when funds are transferred following a scheme switch.
• Personal representative carries the same meaning as in the Succession Act 1965, i.e. the executor or administrator of a deceased person's estate.
• Redemption value of units redeemed on a given date is simply the actual proceeds received from that redemption.
• Where units are not redeemed on the date in question, their redemption value is determined using procedures specified and published online by the National Automatic Enrolment Retirement Savings Authority.