Variation and cancellation of elections
5.—(1) A contributor who has elected under regulation 3(1)(a) to pay contributions for the purpose of investment under regulation 7(1) may at any time by giving written notice to the Department—
(a)subject to regulation 4(3), alter the amount of the contributions;
(b)require the whole or part of them to be invested in future in some authorised fund; or
(c)require the Department to realise the whole or part of any investments made and to reinvest the proceeds in some other authorised fund; or
(d)cancel the election.
(2) A contributor who has elected under regulation 3(1)(b) to pay contributions to provide a lump sum death benefit under regulation 7(2) may at any time by giving written notice to the Department—
(a)subject to regulation 4(3) and (4) and provided he is not absent from work or his health is such that the Department would not accept an election under regulation 3(1)(b), elect that a specified larger sum is to be secured and the contributions increased accordingly; or
(b)cancel the election.
(3) The Department shall give effect as soon as is reasonably practicable to the terms of any notice given under this regulation.