Regulation 12 Benefits which may be providedI1
United Kingdom
The AVC member is entitled to the benefits attributable to the AVC scheme assets.
The scheme manager must provide only benefits authorised by or under Chapter 3 of Part 4 of the 2004 Act.
Where the AVC member wishes, from time to time, to take benefits under the AVC scheme the AVC member must give notice in writing to the scheme manager.
A notice under paragraph (3) must specify—
the proportion of the AVC member’s benefits referred to in paragraph (1) to which the notice relates;
the AVC member’s preference as to the benefits to be provided under paragraph (2) in relation to that proportion; and
if the AVC member wishes a combination of benefits to be provided, what proportion of the AVC scheme assets the AVC member wishes to be allocated to each type of benefit.