10.—(1) Where a person who enters pensionable employment has during previous employment paid contributions to—
(a)a free-standing additional voluntary contribution scheme, or
(b)an approved scheme which provides additional benefits through additional voluntary contributions paid by that person but does not fall within section 591(2)(h) of the Taxes Act, that person, whether or not he becomes a contributor within the meaning of these Regulations, may give written notice to the Secretary of State that he wishes the Secretary of State to accept from the trustees or managers of such a scheme a transfer value representing the value of the investments from his contributions.
(2) Where a transfer value is accepted by the Secretary of State it shall be invested by him, in accordance with the wishes of the person entering pensionable employment, in one or more of the funds authorised by the Secretary of State for the purposes of these Regulations managed by an insurance company selected by him.