M2.—(1) A member shall exercise the right to require a transfer or buy–out by making an application in writing to the Secretary of State.
(2) A member who requires the cash equivalent to be used to acquire rights under another occupational pension scheme may exercise the right at any time before reaching age 60.
(3) Subject to paragraph (4), a member who requires all or part of the cash equivalent to be used to purchase one or more buy–out policies or to acquire rights under a personal pension scheme may exercise the right at any time before reaching age 59.
(4) A member who leaves pensionable employment less than 6 months before his 59th birthday may exercise the right at any time up to 6 months after leaving.
(5) Subject to paragraph (6), a member may withdraw an application to transfer or buy–out his rights by giving notice in writing to the Secretary of State that he no longer wishes to exercise that right.
(6) The member may not withdraw the application after the Secretary of State, in order to comply with what the member previously required, has entered into an agreement with a third party to use the member’s cash equivalent in a way specified in regulation M1(2).
(7) A member who withdraws an application may make another.