10.—(1) At any time before any benefits under article 7 are paid, a contributor may cease to participate in the AVC scheme by requiring the Managers (in such manner as may, subject to Chapter IV of Part IV of the Pensions Act 1993, be specified by the Managers) to do one or more of the following as appropriate—
(a)to transfer the value of the contributor’s accrued benefits to an approved scheme of a subsequent employer, or to a personal pension scheme subject, in each case, to the scheme being willing to accept the transfer value and meeting the prescribed requirements referred to in section 95(2)(a) and (b) of the Pensions Act 1993 (and in each case the Managers shall certify to the receiving scheme that the whole of the transfer value represents the realisable value of the contributor’s contributions and that all of it must be used to secure a non-commutable pension);
(b)to use the value of the contributor’s accrued benefits to purchase one or more insurance policies of the type described in section 95(2)(c) of the Pensions Act 1993;
(c)if the contributor’s service, including any service whilst a member of a previous employer’s pension scheme from which a transfer value has been paid to the AVC scheme or the principal scheme, totals less than 2 years, to pay the contributor the value of his accrued benefits after deduction of any tax payable by the Managers.
(2) The value of a contributor’s accrued benefits shall be the total realisable value of the investments made with the contributions paid by him.