Automatic Enrolment Retirement Savings System Act 2024 section 81

Redemption date

Section 81 sets out when a participant's retirement savings are to be redeemed, linking the redemption date to State Pension age or, where the participant dies before that age, to an earlier date.

• The standard redemption date is the date the participant reaches pensionable age (i.e. State Pension age).
• If a participant dies before reaching pensionable age, the redemption date is brought forward.
• In the case of death, the redemption date is the earlier of the date the Authority is notified of the death or the date the participant would have reached pensionable age.
• This ensures that a deceased participant's funds can be released to their estate or beneficiaries without waiting until they would have reached State Pension age.