Automatic Enrolment Retirement Savings System Act 2024
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Participants’ annual statements | ||
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105. (1) The Authority shall at intervals of not more than 12 months provide a statement (in this section referred to as an “annual statement”) to each participant. | ||
(2) An annual statement shall include— | ||
(a) information relating to the participant’s account as of the statement date, | ||
(b) information relating to the participant, including the date that the participant is projected to reach pensionable age, | ||
(c) information on the AE provider scheme within the appropriate risk level (within the meaning of Part 4 ) in relation to the participant, | ||
(d) information on retirement savings projections based on the pensionable age as specified in paragraph (b) and future contributions, and a disclaimer that those projections may differ from the final value of the contributions received and, if the future retirement savings projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the appropriate risk level referred to in paragraph (c), | ||
(e) information on the accrued retirement savings taking into consideration the appropriate risk level referred to in paragraph (c), | ||
(f) information on the contributions paid by the participant, his or her employer in each employment that is not an exempt employment, and the State into the AE provider scheme within the appropriate risk level (within the meaning of Part 4 ) in relation to the participant, at least over the preceding 12 months, and | ||
(g) a breakdown of the costs deducted by the Authority at least over the preceding 12 months. | ||
(3) An annual statement shall in particular state whether there has been any material change in the information contained in the annual statement in comparison to the immediately preceding statement, and, if so, set out what that change is. | ||
(4) Where a participant has transferred between AE provider schemes or risk levels during the period to which an annual statement relates, the annual statement shall include the information specified in subsection (2) for each appropriate risk level, within the meaning of Part 4 . | ||
(5) An annual statement— | ||
(a) if provided by electronic means, shall be provided not later than the end of the period of 6 months beginning with the statement date, and | ||
(b) if provided otherwise than by electronic means, shall be provided within such time as may be prescribed. | ||
(6) The Minister may make regulations specifying— | ||
(a) the nature of the information referred to in any of paragraphs (a) to (f) of subsection (2) which is to be included in an annual statement, | ||
(b) the period to which an annual statement is to relate, and | ||
(c) the form and content of annual statements. |