Automatic Enrolment Retirement Savings System Act 2024 section 97

Application for unclaimed balance

Section 97 sets out the procedure for reclaiming an unclaimed retirement savings balance that has been transferred to the Dormant Accounts Fund, including the steps the Authority and the NTMA must follow once a valid claim is made.

• Where a participant or their personal representative proves their identity to the Authority's satisfaction, the Authority must provide written confirmation and notify the NTMA of the balance value within 10 working days.
• The NTMA must pay the value of the balance to the Authority within 21 days of receiving the notice.
• Within 5 working days of receiving the NTMA payment, the Authority must pay the balance to the applicant (less any applicable fees), or, if the applicant is the participant, apply the moneys in accordance with drawdown regulations at the participant's written request.
• The Authority must also provide the applicant with a written statement showing the amount payable and any charges or deductions made.