Regulation 5 Variation and cancellation of electionsI1
England and Wales
A contributor who has elected under regulation 3(1)(a) to pay contributions for the purpose of investment under regulation 7(1) may at any time by giving written notice to the Secretary of State—
subject to regulation 4(4), alter the amount of the contributions;
require the whole or part of any future contributions to be invested in some other authorised fund;
require the Secretary of State to realise the whole or part of any investments made and to reinvest the proceeds in some other authorised fund; or
cancel the election.
A contributor who has elected under regulation 3(1)(b) to pay contributions to provide a lump sum death benefit under regulation 7(2) may at any time by giving written notice to the Secretary of State—
subject to regulation 4(4) F1... and provided the circumstances described in regulation 3(3) do not exist such that the Secretary of State would not accept an election under regulation 3(1)(b), elect that a specified larger sum is to be secured and the contributions increased accordingly; or
cancel the election.
The Secretary of State shall give effect as soon as is reasonably practicable to the terms of any notice given under this regulation.
Annotations
Textual amendments
- F1
Words in reg. 5(2)(a) omitted (1.4.2008) by virtue of The National Health Service Pension Scheme (Additional Voluntary Contributions) and National Health Service (Injury Benefits and Compensation for Premature Retirement) Amendment Regulations 2008 (S.I. 2008/655), regs. 1(2), 2(6)
Commencement
- I1
Reg. 5 in force at 10.4.2000, see reg. 1(2)