Automatic Enrolment Retirement Savings System Act 2024
|
Functions of Authority | ||
|
9. (1) The Authority shall, in addition to the carrying out of other functions conferred on it by this Act— | ||
(a) establish, maintain and control generally the automatic enrolment retirement savings system, | ||
(b) arrange for the enrolment and re-enrolment of participants in the automatic enrolment retirement savings system in accordance with Chapter 2 of Part 3 , | ||
(c) arrange for the collection of contributions in accordance with Chapter 3 of Part 3 , | ||
(d) arrange for the establishment and maintenance of accounts for participants’ retirement savings and the provision of communications and services in relation to those accounts, | ||
(e) arrange for the investment of contributions with investment management providers in accordance with the appropriate risk levels and investment rules under Part 4 , | ||
(f) facilitate the payment of retirement savings out of participants’ accounts in accordance with Part 5 , | ||
(g) monitor and enforce compliance with this Act, and | ||
(h) undertake, commission or assist in research projects and other activities relating to retirement savings services and the level of retirement savings in the State, which in the opinion of the Authority may promote an improvement in those services and public awareness of them, and make recommendations to the Minister arising from those projects or activities. | ||
(2) The Authority shall perform its functions in the way that appears to it best calculated— | ||
(a) to provide a high quality retirement savings system that— | ||
(i) operates in the best interests of participants, and | ||
(ii) is digital by default, | ||
and | ||
(b) to provide for the management of participants’ retirement savings with appropriate care and judgement. | ||
(3) Subject to this Act, the Authority shall be independent in the performance of its functions. | ||
(4) The Authority may perform any of its functions through or by any member of the staff of the Authority authorised in that behalf by the Authority. | ||
(5) The Authority may perform any of its functions through or by any other persons authorised in that behalf by the Authority. | ||
(6) The Authority shall have all such powers as are necessary or expedient for the performance of its functions. |