Regulation 62 Elections to pay AVCsI1

An active member may elect to pay contributions under this regulation (“AVCs”) in addition to any other contributions he may pay under this Part.

The election must specify the percentage of his remuneration he wishes to pay or the amount he wishes to pay on his usual pay days.

An election may be made in respect of each employment in respect of which he is a member.

The maximum a person may specify under paragraph (2) in respect of each employment for which he makes such an election is 50 per cent of the remuneration of that employment or an amount equal to 50 per cent of the remuneration of that employment.

F3The election must also specify whether he wishes any of his AVCs to be used to provide benefits payable on his death (“death benefits”).

If he does, he must specify the proportion to be so used.

The Committee may require the amount of the AVCs to be at least the specified minimum.

The Committee may not do so after AVCs are first paid under the election.

The specified minimum is the amount specified in regulation 2(8) of the Pension Schemes (Voluntary Contributions Requirements and Voluntary and Compulsory Membership) Regulations (Northern Ireland) 1987^f1.

A member may elect to vary the amount of his AVCs or the proportion of them to be used to provide death benefits.

A member may elect to stop paying AVCs.

An election under this regulation must be made by notice in writing to the Committee.

An active member may elect to transfer into his additional voluntary contributions scheme constituted under this Chapter the accumulated value of any other additional voluntary contributions scheme to which he has subscribed.