Automatic Enrolment Retirement Savings System Act 2024
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Power to provide for selection of more than one risk level | ||
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71. (1) The Minister may by regulations provide— | ||
(a) that, in circumstances specified in the regulations, a participant may, under section 70 (2), select different risk levels in relation to different parts of the participant’s contributions, and | ||
(b) for this Part to apply, for the purposes of provision under paragraph (a), in relation to a part of a participant’s contributions as it would apply, but for the regulations, in relation to the participant’s contributions as a whole. | ||
(2) Before making regulations under subsection (1) the Minister shall request the Authority to carry out an assessment of the existing operation of this Part. | ||
(3) The Minister may make regulations under subsection (1) only if— | ||
(a) the making of the regulations is recommended— | ||
(i) by the Authority after carrying out an assessment in accordance with a request under subsection (2), and | ||
(ii) by one or more persons appointed by the Minister to consider the matter, | ||
and | ||
(b) the Minister is satisfied that it is in the interests of participants to make the regulations. | ||
(4) A person may be appointed for the purposes of subsection (3)(a)(ii) only if the Minister is satisfied that the person is sufficiently independent of the Minister and the Authority. |