Automatic Enrolment Retirement Savings System Act 2024
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Application for unclaimed balance | ||
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97. (1) Where a person who makes an application for an unclaimed balance in respect of which moneys have been transferred to the Dormant Accounts Fund under section 93 proves to the satisfaction of the Authority that the person making the application (referred to in this section as the “applicant”) is the participant or the participant’s personal representative, the Authority shall— | ||
(a) give written confirmation to the applicant that the Authority is satisfied that he or she is the participant or the participant’s personal representative, | ||
(b) within 10 working days after giving the confirmation, give written notice to the NTMA of the value of the balance, and | ||
(c) send to the applicant a copy of the notice under paragraph (b) to the NTMA. | ||
(2) The NTMA shall pay to the Authority, within 21 days after the date of the notice, the value of the balance as stated in the notice given under subsection (1)(b). | ||
(3) Within 5 working days after receipt of payment under subsection (2), the Authority shall— | ||
(a) subject to any fees payable under regulations made in accordance with section 35 — | ||
(i) pay to the applicant the amount of the balance, or | ||
(ii) where regulations under section 80 apply and the applicant is the participant, at the written request of the applicant, apply the moneys in accordance with the regulations, | ||
and | ||
(b) provide to the applicant a written statement of the moneys payable under the unclaimed balance and of any charges or deductions made. |