Automatic Enrolment Retirement Savings System Act 2024 section 80

Provision of benefits under arrangements made by Authority

Section 80 empowers the Minister to make regulations allowing participants to have their retirement savings applied towards the purchase of an annuity, transfer to an approved retirement fund, or a similar arrangement.

• The Minister may make regulations governing how a participant's accumulated savings under the automatic enrolment system can be applied at retirement.
• A participant may opt to have their savings used to purchase an annuity, providing a regular income stream in retirement.
• Alternatively, savings may be transferred into an approved retirement fund (ARF) as defined under section 784A of the Taxes Consolidation Act 1997.
• The regulations may also provide for similar or related arrangements for the payment of benefits to or in respect of the participant.