Automatic Enrolment Retirement Savings System Act 2024
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Term of office | ||
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12. (1) Subject to subsection (3), a member shall hold office for such term, not exceeding 4 years from the date of his or her appointment, as the Minister determines. | ||
(2) A member of the Board shall hold office until his or her term of office expires, unless he or she ceases to be a member under any other provision of this Part. | ||
(3) The Minister shall ensure that, of the members of the Board first constituted under this section— | ||
(a) 4 members are appointed for a term of office of 3 years from the date of appointment, | ||
(b) 3 members are appointed for a term of office of 4 years from the date of appointment, and | ||
(c) the member who is first appointed chairperson is appointed for a term of office of 4 years from the date of appointment. | ||
(4) The chairperson shall hold office as chairperson for 4 years or until the end of his or her term of office as a member of the Board, whichever is the earlier. | ||
(5) Subject to subsection (6), a member of the Board whose term of office expires or is due to expire by the effluxion of time may be reappointed to the Board under this subsection— | ||
(a) for not more than 2 terms, in the case of a person first appointed under section 11 (8), or | ||
(b) for one term only, in any other case. | ||
(6) Subject to subsection (7), a person may not be reappointed under subsection (5) for a term that would result in the person serving for a period of more than 8 years. | ||
(7) Where any term of office for which a person has been reappointed under subsection (5) expires or is due to expire by the effluxion of time, and the Minister is satisfied that exceptional circumstances exist, the Minister may, at the request of the Board, reappoint the person for one further term notwithstanding that the further term may result in the person serving for a period of more than 8 years. |