Automatic Enrolment Retirement Savings System Act 2024
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Amendment of Financial Services and Pensions Ombudsman Act 2017 | ||
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119. The Financial Services and Pensions Ombudsman Act 2017 is amended— | ||
(a) in section 2(1)— | ||
(i) by the insertion of the following definition: | ||
“ ‘automatic enrolment retirement savings system’ means the retirement savings system established under the Automatic Enrolment Retirement Savings System Act 2024;”, | ||
(ii) in the definition of “member”— | ||
(I) in paragraph (a)— | ||
(A) by the insertion of “other than the automatic enrolment retirement savings system,” after “a scheme,”, and | ||
(B) by the substitution of “State,” for “State, and”, | ||
and | ||
(II) by the insertion of the following paragraph after paragraph (a): | ||
“(aa) in relation to the automatic enrolment retirement savings system, a participant within the meaning of section 2 of the Automatic Enrolment Retirement Savings System Act 2024, and”, | ||
(iii) by the substitution of the following definition for the definition of “pension provider”: | ||
“ ‘pension provider’ means— | ||
(a) in relation to a scheme, other than the automatic enrolment retirement savings system, any of the following: | ||
(i) any employer who adheres to the scheme; | ||
(ii) any person or undertaking that provides services to the scheme as a trustee, administrator, registered administrator for the purposes of Part VIA of the Act of 1990, consultant or advisor, investment manager, custodian, paying agent, insurer or actuary; | ||
(iii) any person to whom the implementation or interpretation of the rules of the scheme is entrusted; | ||
(iv) any other person of a class specified in regulations made by the Minister under section 4, | ||
and | ||
(b) in relation to the automatic enrolment retirement savings system, An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir;”, | ||
and | ||
(iv) in the definition of “scheme”, by the substitution of “, a trust RAC or the automatic enrolment retirement savings system” for “or a trust RAC”, | ||
and | ||
(b) in section 4(2), by the substitution, in subparagraph (c)(ii), of “subparagraph (a)(iv)” for “paragraph (d)”. |