(1) On or as soon as is practicable after a participant's redemption date, the Authority shall -

(a) ascertain the number of units in any AE provider scheme that the Authority holds on behalf of the participant,

(b) instruct the investment management provider providing the scheme to redeem that number of units and pay the proceeds to the Authority within a time specified by the Authority,

(c) credit to the participant's account an amount equal to the redemption value of the units on the participant's redemption date after deducting any fees payable under regulations made in accordance with section 35, and

(d) send to the participant, subject to subsection (2), a notification that the balance in the participant's account is eligible for withdrawal in accordance with this Part.