Automatic Enrolment Retirement Savings System Act 2024 section 32

Engagement of service providers

Section 32 sets out the Authority's power to engage service providers (other than investment managers) and the conditions that must be included in service contracts.

• The Authority may engage persons to provide services (excluding investment management) where it considers this necessary or expedient for carrying out its functions.
• Service contracts must require providers to operate with honesty, fairness, skill, care, prudence and diligence, and to employ adequate resources and procedures for proper performance.
• Service providers must avoid or manage conflicts of interest, declare any actual or potential conflicts to the Authority, comply with any regulatory regime they are subject to, and cooperate fully with Authority-appointed auditors.
• Fees due to service providers are payable by the Authority out of moneys at its disposal.