(1) Where there is a change from one risk level (the "old level") to another (the "new level") as the appropriate risk level in relation to a participant for the purposes of section 70(1), any investments held by the Authority on behalf of the participant in the form of units in an AE provider scheme within the old level shall be transferred in accordance with regulations to an AE provider scheme within the new level, subject to any provision made under section 70 or section 71.

(2) Investment management contracts shall include provision for the transfer of investments between AE provider schemes in connection with a person becoming or ceasing to be an investment management provider.

(3) Provision included in investment management contracts shall ensure that -

(a) in relation to any participant, any amount transferred is transferred to an AE provider scheme within the appropriate risk level, and