Regulation 97 Investment of funds

The administrators must, as soon as reasonably practicable, invest any contributions made by a JAVC member under regulation 94 and any transfer payment accepted under regulation 96 with an authorised provider for the purpose of providing benefits under regulation 98.

Where the authorised provider offers more than one type of investment the JAVC member must elect that those sums be paid into particular types of investments.

The administrators are not required to give effect to an election made under paragraph (2) if it is not reasonably practicable to do so.

The investments made in respect of a JAVC member with the authorised provider may be realised and reinvested with the authorised provider at the request of the JAVC member, in such amounts, at such times, and in such manner as may be specified by the administrators with the approval of the authorised provider.

The administrators may require an authorised provider to surrender the whole or part of the value of the sums referred to in paragraph (1).

The administrators must re-invest a sum surrendered under paragraph (5) in accordance with paragraph (1).