5.—(1) As soon as an employing authority receive a notice under paragraph 1(1) or 2(c) they shall forward it to the Committee.
(2) The Committee shall give effect to a notice under paragraph 1(1) or 2(c) as soon as reasonably practicable, and in any event—
(a)in the case of a notice under paragraph 1(1), so that the pensionable employee may begin to pay his additional contributions under paragraph 1(2) within 6 months of him giving that notice; and
(b)in the case of a notice under paragraph 2(c), so that the pensionable employee may pay his contributions at the varied amount or proportions, or cease to pay his contributions (as the case may be), within 3 months of him giving that notice.
(3) The benefits under a pension policy entered into under paragraph 3(1) or 4(2) shall be money purchase benefits the value of which is reasonable having regard to the amount of the contributions paid and which (subject to that) are of a similar class as the benefits which are payable under Part E and payable in similar circumstances to those in which such benefits are payable, save that there need be no requirement in the policy that the pensionable employee should be able to reckon any particular length of reckonable or qualifying service in order for the benefits to be payable.
(4) Before entering into such a policy, the Committee shall consult the pensionable employee and shall give effect, so far as is practicable and subject to sub-paragraph (3), to his wishes with respect to the benefits to be provided under it.