7.—(1) The Committee shall invest with a relevant body any contributions which are not to be used to provide benefits payable in the event of death.
(2) Subject to sub-paragraph (3) and paragraphs 10 to 16, on the member ceasing to be a member of the Scheme the Committee shall as soon as reasonably practicable apply the accumulated value of the contributions invested as mentioned in sub-paragraph (1) to the provision of additional pension benefits under a pension policy.
(3) If the member dies before such a policy is entered into, the accumulated value shall be payable to his personal representatives.
(4) The contributions invested in accordance with sub-paragraph (1) shall not be used to provide benefits in the form of a lump sum unless—
(a)the aggregate of the pension benefits provided under Parts D to G and the additional pension benefits provided by the pension policy mentioned in sub-paragraph (2) do not exceed the annual rate or amount referred to in regulation H5; and
(b)the pension benefits provided under those Parts are being compounded in accordance with that regulation.