Automatic Enrolment Retirement Savings System Act 2024 section 83

Payment to participant at or after pensionable age

Section 83 sets out how a participant can withdraw the balance from their automatic enrolment savings account once they have reached pensionable age and received a balance notification under section 82.

• A participant may apply to the Authority to withdraw the balance notified to them under section 82.
• On receiving an application, the Authority must promptly pay the balance as a lump sum directly to the participant.
• Alternatively, where regulations under section 80 apply, the Authority must instead transfer the funds in accordance with those regulations for the payment of benefits to or in respect of the participant.
• The Authority must publish the application and payment procedure on its website.