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The Teachers’ Superannuation and Pension Scheme (Additional Voluntary Contributions) (Scotland) Regulations 2017

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Variation and cancellation of elections

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6.—(1) A contributor who has elected under regulation 4(1)(a) to pay regular contributions may at any time by giving written notice to the Scottish Ministers—

(a)alter the amount of the regular contributions;

(b)require any contributions payable pursuant to the election to be invested in future under regulation 9 in a different way;

(c)require the Scottish Ministers to realise any investment and to reinvest the proceeds under regulation 9 in a different way; or

(d)cancel the election under regulation 4(1)(a).

(2) A contributor who has elected under regulation 4(1)(b) to pay a lump sum contribution may at any time by giving written notice to Scottish Ministers require the Scottish Ministers to realise any investment and to reinvest the proceeds, under regulation 9, in a different way.

(3) A contributor who has elected to pay regular contributions under regulation 4(1)(c) may at any time by giving written notice to Scottish Ministers—

(a)elect that a specified lower or larger sum is to be secured and the regular contributions adjusted accordingly;

(b)if the contributor has made an election under regulation 5(2), cancel it or alter in any specified way the manner in which the pension element is to be applied; or

(c)cancel the election made under regulation 4(1)(c).

(4) A person paying further regular contributions pursuant to an election under regulation 5(4) may at any time make an election under regulation 5(2) or do anything authorised by paragraph (3).

(5) The Scottish Ministers shall give effect as soon as is reasonably practicable to the terms of any notice given under this regulation.

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