Automatic Enrolment Retirement Savings System Act 2024 section 82

Redemption of units

Section 82 sets out the process for crystallising a participant's investments on or after their redemption date, including the redemption of units, crediting of proceeds, and notification of withdrawal eligibility.

• On or as soon as practicable after a participant's redemption date, the Authority must ascertain the number of units held on the participant's behalf in any AE provider scheme and instruct the investment management provider to redeem those units and pay the proceeds to the Authority within a specified timeframe.
• The Authority must credit the participant's account with an amount equal to the redemption value of those units as at the redemption date, after deducting any fees payable under regulations made in accordance with section 35.
• Once the account has been credited, the Authority must send the participant a notification confirming that the balance in their account is eligible for withdrawal.
• If the Authority learns of the participant's death before sending the withdrawal notification, the notification must instead be sent to the participant's personal representative.