Investment of funds
11.—(1) The scheme manager must, as soon as reasonably practicable, invest an AVC member’s scheme contributions made under regulation 9 and any transfer payment accepted under regulation 10 with an authorised provider for the purpose of providing benefits under regulation 12.
(2) Where the authorised provider offers more than one type of investment the AVC member must elect that those sums be paid into particular types of investments.
(3) The scheme manager is not required to give effect to an election made under paragraph (2) if it is not reasonably practicable to do so.
(4) The investments made in respect of an AVC member with the authorised provider may be realised and reinvested with the authorised provider at the request of the AVC member, in such amounts, at such times, and in such manner as may be specified by the scheme manager with the approval of the authorised provider.
(5) The scheme manager may require an authorised provider to surrender the whole or part of the value of the sums referred to in paragraph (1).
(6) The scheme manager must re-invest a sum surrendered under paragraph (5) in accordance with paragraph (1).