Automatic Enrolment Retirement Savings System Act 2024 section 93

Transfer of moneys to Dormant Accounts Fund

Section 93 requires the Authority to transfer unclaimed balances to the Dormant Accounts Fund where no action has been taken following the required notices, and to provide a written statement of the transfer to the NTMA.

• Where notice has been given under section 91 (direct notice to the person) or section 92 (published notice) and no specified event occurs before the relevant deadline, the Authority must transfer the unclaimed balance to the Dormant Accounts Fund.
• The transfer must be made no later than 30 April following the expiry of the relevant notice period.
• Before transferring the balance, the Authority may deduct any fees payable under regulations made under section 35.
• On making the transfer, the Authority must provide the National Treasury Management Agency (NTMA) with a written statement specifying the total amount of moneys transferred.