(a) A PRSA provider shall prepare a default investment strategy for each PRSA product which it operates.
(b) The PRSA provider shall implement the default investment strategy in respect of each PRSA contract except where a contributor elects in writing not to have the strategy applied to the PRSA contract to which he contributes, in which case the strategy shall not apply to that contract accordingly.
(2) The Minister may by regulations specify requirements to be complied with in relation to the investment of PRSA assets and such regulations shall, in relation to the default investment strategy referred to in subsection (1), provide for at least the following:
(a) subject to the provision referred to in paragraph (b), a requirement that such a strategy adopt an investment profile consistent with fulfilling the reasonable expectations of a typical contributor with respect to the said PRSA product for the purposes of making savings for retirement;
(b) notwithstanding such a requireme
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