22.—(1) An active member may elect to pay voluntary contributions (“AVCs”) into a scheme established under contract between the member’s appropriate administering authority and a body approved for the purposes of the Finance Act 2004(1) (“an additional voluntary contributions scheme”).
(2) The additional voluntary contributions scheme must be a money purchase pension scheme registered in accordance with the Finance Act 2004 and administered in accordance with that Act and the Pensions Act 2004(2).
(3) Where the member’s employing authority at its discretion contributes to the scheme, the additional voluntary contribution scheme is known as a shared cost additional voluntary contributions scheme and contributions to it as “SCAVCs”.
(4) Such AVCs or SCAVCs are in addition to any other contributions the member may pay under regulation 20 (payment of additional regular contributions).
(5) Where the member elects to pay AVCs or SCAVCs, the member must first–
(a)notify his or her administering authority in writing; and
(b)in the notification specify–
(i)the percentage of the member’s pensionable pay the member wishes to pay or the amount the member wishes to pay on the member’s usual pay days from his or her pay;
(ii)whether the member wishes any of the member’s AVCs or SCAVCs to be used to provide benefits payable on the member’s death (“death benefits”); and
(iii)if the member does, the proportion to be so used.
(6) Subject to paragraph (7), a member may–
(a)vary–
(i)the amount of the member’s AVCs or SCAVCs; or
(ii)the proportion of them to be used to provide death benefits; or
(b)stop paying AVCs or SCAVCs.
(7) Where the member wishes to take the steps in paragraph (6), the member must first notify his or her administering authority in writing.
(8) An active member may, by notifying his or her administering authority in writing, transfer into the member’s additional voluntary contributions scheme constituted under this regulation the accumulated value of any other additional voluntary contributions scheme to which the member has subscribed.
(9) An election to pay AVCs or SCAVCs may be made in respect of each employment in respect of which a person is a member.