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Regulation 4 Election to pay regular and lump sum contributions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A person employed in reckonable service may at any time elect to pay—

(a)

regular contributions for investment under regulation 9(1);

(b)

a lump sum contribution for investment under regulation 9(1); or

(c)

regular contributions to secure the payment of a lump sum death benefit under these Regulations.

(2)

An election under paragraph (1) shall specify—

(a)

in the case of an election under sub-paragraph (a) or (c), the amount of each regular contribution or, if expressed as a percentage of salary, that percentage.

(b)

in the case of an election under sub-paragraph (b) the amount of the contribution;

(c)

in the case of an election under sub-paragraph (a) or (b) the fund or funds in which contributions are to be invested; and

(d)

in the case of an election under paragraph (1)(c) the amount to be secured which must not be less than £5,000.