Automatic Enrolment Retirement Savings System Act 2024 section 67

Definitions (Part 4)

Section 67 defines the key terms used throughout Part 4 of the Act, which deals with the investment of automatic enrolment retirement savings.

• An "AE provider scheme" is a savings scheme operated by an approved provider, as further defined in section 69(2), and an "investment management contract" governs the contractual arrangements for managing these investments as set out in section 68(3).
• Investments under the system may include UCITS (regulated collective investment funds authorised by the Central Bank) and alternative investment funds, each as defined in the relevant EU regulations transposed into Irish law.
• Each AE provider scheme carries a "risk level" (set out in or under section 69), and an "appropriate risk level" is determined by reference to the saver's circumstances as provided for in section 70(2) and (3).
• A "unit" in an AE provider scheme is broadly defined to include shares and any other instrument that entitles the holder to a share in the investments or income of a UCITS or alternative investment fund.