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Number 20 of 2024
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AUTOMATIC ENROLMENT RETIREMENT SAVINGS SYSTEM ACT 2024
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CONTENTS
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PART 1
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Preliminary and General
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Section
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1. Short title and commencement
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2. Definitions
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3. Regulations
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4. Service of documents
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5. Expenses
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PART 2
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An Túdaráa NáisiÚnta um Uathrollú Coigiltis Scoir
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Chapter 1
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Establishment of An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir
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6. Definitions (Part 2)
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7. Establishment day
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8. An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir
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9. Functions of Authority
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Chapter 2
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Board of Authority
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10. Establishment of Board
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11. Membership of Board
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12. Term of office
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13. Conditions of membership of Board
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14. Membership of either House of Oireachtas, European Parliament or local authority
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15. Ineligibility to become and disqualification to act as member of Board
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16. Removal of member of Board
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17. Meetings
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18. Audit and risk committee
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19. Investment committee
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20. Other committees
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21. Remuneration and expenses of members of Board and committees of Board
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22. Disclosure of interests by member of Board or of committee of Board
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23. Disclosure of interests by members of staff of Authority or other persons
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24. Prohibition on unauthorised disclosure of confidential information
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Chapter 3
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Staff of Authority, engagement of consultants, advisers and service providers
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25. Appointment of chief executive
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26. Functions of chief executive
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27. Delegation of functions
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28. Membership of either House of Oireachtas, European Parliament or local authority
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29. Removal of chief executive
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30. Staff of Authority
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31. Engagement of consultants and advisers
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32. Engagement of service providers
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Chapter 4
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Funding, reporting and accountability
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33. Appearance before Public Accounts Committee
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34. Appearances before committees of Houses of Oireachtas
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35. Expenses of Authority
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36. Power to borrow
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37. Statement of strategy
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38. Annual plan
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39. Accounts and audits
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40. Annual report
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41. Request from Minister to Authority for report
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42. Production of statistical data
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43. Power to monitor, review and make recommendations
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Chapter 5
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Supervisory report by Pensions Authority
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44. Supervisory report by Pensions Authority
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45. Preparation and submission of supervisory report by Pensions Authority
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46. Annual fee payable to Pensions Authority
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PART 3
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Enrolment and Contributions
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Chapter 1
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Preliminary
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47. Interpretation (Part 3)
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48. Death of employer
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Chapter 2
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Enrolment
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49. Participants
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50. Automatic enrolment
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51. Exempt employment
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52. Standards for purposes of section 51
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53. Right to opt in
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54. Right to opt-out
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55. Automatic re-enrolment
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56. Power to amend age limits and earnings threshold
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Chapter 3
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Contributions
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57. Contributing participants
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58. Contributions
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59. Payment of participant contribution and employer contribution
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60. Payment of State contribution
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61. Rates of contribution
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62. Suspension of contributions
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63. Repayment of contributions on opting out
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64. Repayment of contributions in prescribed circumstances
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65. Power to amend earnings limit
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Chapter 4
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Further power to make regulations
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66. Further power to make regulations
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PART 4
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Investment
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67. Definitions (Part 4)
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68. Investment management providers
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69. AE provider schemes and risk levels
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70. Assignment of contributions to appropriate risk level
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71. Power to provide for selection of more than one risk level
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72. Investment of contributions
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73. Transfer between AE provider schemes
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74. Investment rules
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75. Contractual provision on environmental and other matters
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76. Participants’ accounts
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77. Amendment of Investment Intermediaries Act 1995
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PART 5
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Payment out of Accounts
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Chapter 1
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Interpretation and general
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78. Interpretation (Part 5)
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79. Notification and verification of death
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80. Provision of benefits under arrangements made by Authority
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Chapter 2
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Payment, other than early payment, to or in respect of participant
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81. Redemption date
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82. Redemption of units
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83. Payment to participant at or after pensionable age
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84. Payment in the event of death of participant
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Chapter 3
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Early payment on grounds of incapacity or exceptional ill-health
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85. Application for early payment on grounds of incapacity or exceptional ill-health
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86. Redemption of units for early payment
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87. Making of early payment
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88. Procedure for applications and payments under Chapter 3
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Chapter 4
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Unclaimed balances
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89. Interpretation (Chapter 4)
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90. Unclaimed balances
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91. Notice of unclaimed balance
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92. Publication of notice
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93. Transfer of moneys to Dormant Accounts Fund
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94. Register of unclaimed balances
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95. Disclosure of information for statistical purposes
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96. Rights of participants
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97. Application for unclaimed balance
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98. Confidentiality
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99. Statement of compliance
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PART 6
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Communications and Services
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100. Definitions (Part 6)
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101. Electronic system to be used by default
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102. Provision of information to public by Authority
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103. Provision for communications and services otherwise than online
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104. Powers to make provision for purposes of communications and services
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105. Participants’ annual statements
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106. Amendment and application of Freedom of Information Act 2014
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PART 7
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Information Sharing and data Protection
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107. Definition (Part 7)
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108. Information sharing
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109. Disclosure of certain information to Minister for Enterprise, Trade and Employment, etc.
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110. Amendment of Social Welfare Consolidation Act 2005
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111. Processing of personal data and special categories of personal data
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112. Regulations for purposes of data protection
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PART 8
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Reviews and Appeals
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113. Definitions (Part 8)
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114. Determinations subject to internal review
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115. Appeals officer
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116. Appeals
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117. Appeal to High Court
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118. Effect of decision
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119. Amendment of Financial Services and Pensions Ombudsman Act 2017
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PART 9
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Compliance and Enforcement
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Chapter 1
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Interpretation
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120. Interpretation (Part 9)
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Chapter 2
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Authorised officers and compliance
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121. Authorised officers
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122. Powers of authorised officers
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123. Compliance notice
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124. Fixed payment notice
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125. Legal privilege
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126. Authority may publish information respecting certain persons
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Chapter 3
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Penalisation and hindering of employees
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127. Protection of employees from penalisation
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128. Hindering employee from participating in automatic enrolment
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Chapter 4
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Workplace relations
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129. Decision under section 41 or 44 of Act of 2015
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130. Amendment of Act of 2015
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Chapter 5
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Offences
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131. Offences in relation to contributions
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132. Offences and penalties
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133. Summary proceedings
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134. Costs
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135. Time limit for instituting summary proceedings
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136. Admissibility of certain documents in proceedings for offence
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137. Presumptions in proceedings for offence
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Chapter 6
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Miscellaneous
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138. Interest on arrears of contributions
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139. Court may order employer or employee to pay arrears of contributions
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140. Forgery of documents
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141. Recovery of moneys
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Acts Referred to
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Central Bank Act 1942
(No. 22)
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Civil Legal Aid Act 1995
(No. 32)
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Civil Service Regulation Act 1956
(No. 46)
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Civil Service Regulation Acts 1956 to 2005
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Companies Act 2014
(No. 38)
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Comptroller and Auditor General (Amendment) Act 1993
(No. 8)
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Data Protection Act 2018
(No. 7)
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Dormant Accounts Acts 2001 to 2012
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Ethics in Public Office Act 1995
(No. 22)
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European Parliament Elections Act 1997
(No. 2)
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Financial Services and Pensions Ombudsman Act 2017
(No. 22)
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Freedom of Information Act 2014
(No. 30)
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Interpretation Act 2005
(No. 23)
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Investment Intermediaries Act 1995
(No. 11)
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Local Government Act 2001
(No. 37)
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Pensions Act 1990
(No. 25)
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Personal Injuries Resolution Board Act 2022
(No. 42)
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Petty Sessions (Ireland) Act 1851
(14 & 15 Vict., c. 93)
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Protected Disclosures (Amendment) Act 2022
(No. 27)
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Protected Disclosures Act 2014
(No. 14)
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Public Service Management (Recruitment and Appointments) Act 2004
(No. 33)
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Safety, Health and Welfare at Work Act 2005
(No. 10)
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Social Welfare Consolidation Act 2005
(No. 26)
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Student Support Act 2011
(No. 4)
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Succession Act 1965
(No. 27)
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Taxes Consolidation Act 1997
(No. 39)
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Unfair Dismissals Acts 1977 to 2015
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Unit Trusts Act 1990
(No. 37)
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Work Life Balance and Miscellaneous Provisions Act 2023
(No. 8)
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Workplace Relations Act 2015
(No. 16)
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Number 20 of 2024
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AUTOMATIC ENROLMENT RETIREMENT SAVINGS SYSTEM ACT 2024
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An Act to provide for the establishment of a body to be known as An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir; to provide for that body to establish, maintain and administer an automatic enrolment retirement savings system for employees in employment not covered by qualifying schemes; to provide for automatic enrolment and re-enrolment of participants in that system and for opting into and out of the system; to provide for payment of contributions by participants, their employers and the State, the investment of contributions and the payment of retirement savings out of participants’ accounts; to provide for the consequential amendments of certain enactments; and to provide for related matters.
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[9th July, 2024]
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Be it enacted by the Oireachtas as follows:
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