Automatic Enrolment Retirement Savings System Act 2024 section 72

Investment of contributions

Section 72 governs how the Authority transfers participant contributions to investment management providers, requires equal splitting between multiple providers, protects participant anonymity, and provides for units to be held and recorded by the Authority on behalf of participants.

• After deducting any fees under section 35, the Authority transfers amounts (assigned to a risk level under section 70(1)) to the investment management providers, splitting contributions equally where there is more than one provider.
• The Authority must not disclose any information to an investment management provider that would identify an individual participant.
• Under the investment management contract, the provider must invest the transferred amount in units in its AE provider scheme at the appropriate risk level, notify the Authority of the units issued, and register those units in the Authority's name.
• The units are held by the Authority on behalf of the participant concerned and must be recorded by the Authority in that participant's individual account.