9.—(1) Any contributions paid by a contributor for investment under this regulation shall be invested by the Secretary of State, in accordance with any notice under regulation 4(2) or 6(1) or (2) in one or more of the funds authorised by him for the purposes of these Regulations managed by an insurance company selected by him.
(2) Regular contributions to provide for a lump sum death benefit shall be invested by the Secretary of State with an insurance company selected by him so as to secure the payment of a lump sum death benefit of the amount required by any notice under regulation 4(2) or 6(3):