Retirement benefits
66.—(1) The Committee must invest any AVCs which are not to be used to provide death benefits with an approved AVC body.
(2) Subject to regulations 67 and 68, when a member who has paid AVCs during his employment leaves his employment with the employer who was his employing authority when he elected under regulation 62(1) to pay them, the Committee must use the accumulated value of the contributions invested under paragraph (1) for the provision of additional pension benefits under a pension policy at any time prior to the 75th birthday of the member.
(3) But if the member dies before the policy is entered into, the accumulated value is payable to his personal representatives.
(4) In entering into the pension policy the Committee must give effect to the member’s wishes about the benefits it provides, so far as is practicable.
(5) The benefits must be money purchase benefits and their value reasonable considering the accumulated value.
(6) The AVCs may only be used to provide benefits in the form of a lump sum if –
(a)all the pension benefits payable to or in respect of the member under the Scheme are being commuted under regulation 51 (commutation of small pensions); and
(b)the annual rate referred to in that regulation is not exceeded by aggregating with them the additional pension benefits provided by the pension policy entered into under paragraph (2).