Automatic Enrolment Retirement Savings System Act 2024 section 68

Investment management providers

Section 68 provides for the appointment of investment management providers by the Authority and sets out the contractual requirements governing those appointments.

• The Authority must appoint one or more persons to provide investment management services, and those services must be delivered under a formal contract between the Authority and the provider.
• Any appointed investment management provider, and any subcontractor they engage, must be a regulated financial service provider as defined in the Central Bank Act 1942.
• The contract must include penalty provisions — up to and including termination — for any breach of financial services legislation that affects or may affect the delivery of services under the contract.
• The contract must also include any other provisions required by the Act, together with any additional terms the Authority considers appropriate.