9.—(1) A contributor may cease to participate in the AVC Scheme at any time before benefits provided under paragraph 6 are taken by requiring the Parliamentary corporation (in such manner as may, subject to sections 95 and 96 of the Pension Schemes Act 1993, be specified by the Parliamentary corporation) to do one or more of the following as appropriate:–
(a)to transfer the value of the contributor’s accrued benefits to an approved scheme of a subsequent employer, or to a personal pension scheme subject, in each case, to that scheme being willing to accept the transfer value and meeting the prescribed requirements referred to in section 95(2) of the Pension Schemes Act 1993 (and in each case the Parliamentary corporation shall certify to the receiving scheme that the whole of the transfer value represents the realisable value of the contributor’s contributions and that all of it must be used to secure a non-commutable pension) and after it has made such a transfer the Parliamentary corporation will be discharged from any obligation to provide any benefits to which the transfer value relates;
(b)to use the value of the contributor’s accrued benefits to purchase one or more insurance policies of the type described in section 95(2)(c) of the Pension Schemes Act 1993;
(c)if the contributor’s aggregate period of reckonable service as a participant, including any service whilst a member of a previous employer’s pension scheme from which a transfer value has been paid to the Scheme (including a transfer value to the AVC Scheme), totals less than 2 years, to pay the contributor the value of his accrued benefits after deduction of any tax payable by the Parliamentary corporation.
(2) For the purposes of this paragraph, the value of a contributor’s accrued benefits shall be the total realisable value of the investments made by the Parliamentary corporation with the contributions paid by the contributor.