Automatic Enrolment Retirement Savings System Act 2024 section 96

Rights of participants

Section 96 confirms that the transfer of unclaimed balances to the Dormant Accounts Fund does not affect the rights of any person entitled to reclaim those moneys.

• When unclaimed automatic enrolment savings are transferred to the Dormant Accounts Fund under section 93, that transfer does not extinguish or diminish any person's rights under this Part of the Act.
• A member (or their estate) who is entitled to an unclaimed balance retains the right to reclaim it, even after the money has been moved to the Dormant Accounts Fund.
• The provision ensures that the administrative step of transferring dormant money to a central fund is purely a housekeeping measure and carries no legal consequences for the account holder.
• This protection applies to all rights arising under this Part, including any entitlement to have the balance restored or paid out in accordance with the other provisions governing unclaimed accounts.