Variation and cancellation of elections
6.—(1) At any time, by giving written notice to the Secretary of State, a basic contributor–
(a)may if he is paying regular contributions–
(i)alter their amount,
(ii)require them to be invested in future, under regulation 9, in a different way, or
(iii)cancel his election under regulation 4(1), and
(b)may in any case require the Secretary of State to realise any investment and to reinvest the proceeds, under regulation 9, in a different way.
(2) A death benefit contributor may at any time elect–
(a)that a specified larger lump sum is to be secured, or
(b)if he has made an election under regulation 5(3), to cancel it or to alter in any specified way the manner in which the pension element is to be applied, or
(c)to cancel his election under regulation 5(1).
(3) A person paying further contributions under regulation 5(5) (continuance of death benefit cover after the age of 60) may at any time make any election that he could have made under regulation 5(3) or paragraph (2)(a) or (b) above if he had been paying death benefit contributions.
(4) The Secretary of State is to give effect as soon as is reasonably practicable to the terms of any notice given under this regulation.