Automatic Enrolment Retirement Savings System Act 2024
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Repayment of contributions on opting out | ||
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63. (1) Where a participant has opted out, the Authority shall repay to the participant, subject to subsection (3), the participant contributions paid by the participant in respect of payments of emoluments in the mandatory participation period. | ||
(2) In subsection (1), the “mandatory participation period” means— | ||
(a) where the participant opted out in the opt-out window referred to in section 54 (2)(a), the period beginning with the enrolment date and ending with the opt-out date, | ||
(b) where the participant opted out in the opt-out window referred to in section 54 (2)(b), the period beginning with the re-enrolment date referred to in section 54 (2)(b) and ending with the opt-out date, | ||
(c) where the participant opted out in the opt-out window referred to in section 54 (2)(c), the period beginning with the first day after years 1 to 3 and ending with the opt-out date, | ||
(d) where the participant opted out in the opt-out window referred to in section 54 (2)(d), the period beginning with the first day after years 4 to 6 and ending with the opt-out date, and | ||
(e) where the participant opted out in the opt-out window referred to in section 54 (2)(e), the period beginning with the first day after years 7 to 9 and ending with the opt-out date. | ||
(3) Where the participant opted out in an opt-out window referred to in section 54 (2)(c), (d) or (e), only the additional amount of a participant contribution shall be repaid under subsection (1). | ||
(4) In subsection (3), the “additional amount” of a participant contribution is: | ||
(a) where the participant opted out in the opt-out window referred to in section 54 (2)(c), the difference between the contribution paid and the contribution that would have been payable if the rate applicable in years 1 to 3 continued to apply; | ||
(b) where the participant opted out in the opt-out window referred to in section 54 (2)(d), the difference between the contribution paid and the contribution that would have been payable if the rate applicable in years 4 to 6 continued to apply; | ||
(c) where the participant opted out in the opt-out window referred to in section 54 (2)(e), the difference between the contribution paid and the contribution that would have been payable if the rate applicable in years 7 to 9 continued to apply. |