Automatic Enrolment Retirement Savings System Act 2024
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Investment of contributions | ||
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72. (1) Subject to any fees payable under regulations made under section 35 , an amount assigned by the Authority to a risk level, in accordance with section 70 (1), shall be transferred by the Authority to the investment management providers. | ||
(2) Where there is more than one investment management provider, an amount to be transferred under subsection (1) shall be divided by the Authority equally between the providers. | ||
(3) In transferring an amount to an investment management provider under subsection (1) the Authority shall not disclose information to the provider that would identify any participant. | ||
(4) An investment management contract shall provide— | ||
(a) for any amount transferred to the investment management provider under subsection (1) to be invested by the provider in units in the AE provider scheme provided by that provider within the appropriate risk level, | ||
(b) for the provider to notify the Authority of the units issued, and | ||
(c) for the units to be registered by the provider in the name of the Authority. | ||
(5) Units in which an amount transferred under subsection (1) is invested— | ||
(a) are held by the Authority on behalf of the participant concerned, and | ||
(b) shall be recorded by the Authority in the participant’s account. |