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The Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995
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- UK Statutory Instruments
- 1995 No. 2814 (S. 207)
- Regulation 6
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Variation and cancellation of elections
6.—(1) A contributor who has elected under regulation 4(1) to pay regular contributions for the purpose of investment under regulation 9(1) may at any time by giving written notice to the Secretary of State—
(a)alter the amount of the regular contributions,
(b)require them to be invested in future, under regulation 9(1), in a different way, or
(c)cancel the election under regulation 4(1).
(2) A contributor who has elected under regulation 4(1)(b) to pay a single payment contribution may at any time by giving written notice to the Secretary of State require the Secretary of State to realise any investment and to reinvest the proceeds, under regulation 9, in a different way.
(3) A contributor who has elected under regulation 4(1) to pay regular contributions to provide a lump sum death benefit may at any time by giving written notice to the Secretary of State—
(a)subject to regulation 7(4), elect that a specified larger sum is to be assured and the regular contributions increased accordingly, or
(b)if the contributor has made an election under regulation 5(2), cancel it or alter in any specified way the manner in which the pension element is to be applied, or
(c)cancel the election made under regulation 4(1).
(4) A contributor who has elected under regulation 4(1) to pay regular contributions for the purpose of investment under regulation 9(1) may at any time by giving written notice to the Secretary of State require the Secretary of State to realise any investments and to reinvest the proceeds in a different fund to be specified by the contributor.
(5) A person paying further regular contributions under regulation 5(4) may at any time make an election under regulation 5(2) or do anything authorised by paragraph (3) above.
(6) The Secretary of State shall give effect as soon as is reasonably practicable to the terms of any notice given under this regulation.
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