14A.—(1) An eligible member may apply to the Board, in the manner and form that the Board requires, to stop receiving any benefit under the Scheme.
(2) If the Board approves an application under paragraph (1), then starting on the date that the Board determines (called in this regulation the opt-out date) —
(a)
no cash payment will be made to the eligible member whose application under paragraph (1) is approved (called in this regulation the opted-out member);
(b)
no relevant contribution will be credited to any of the opted-out member’s accounts in the Fund; and
(c)
no additional relevant contribution will be credited under regulation 11(2), 12(2) or 13(2) (as the case may be) to any of the opted-out member’s accounts in the Fund.
(3) To avoid doubt, paragraph (2) applies to stop the payment and crediting of any benefit under the Scheme, including any benefit to which the member was entitled before the opt-out date which has not been paid or credited before that date.
(4) An opted-out member may apply to the Board, in the manner and form that the Board requires, to resume receiving benefits under the Scheme.
(5) If the Board approves an application under paragraph (4), the Board must resume making cash payments and crediting relevant contributions or additional relevant contributions in accordance with regulation 11, 12 or 13 (as the case may be) to any of the eligible member’s accounts in the Fund with effect from the date determined in accordance with paragraph (6) (called in this regulation the effective date).
(6) Subject to paragraph (7), the effective date is a date that the Board determines —
(a)
for the purposes of regulation 11 — in the applicable year following the applicable year in which the Board approves the member’s application under paragraph (4); or
(b)
for the purposes of regulation 12 or 13 — in the relevant year following the relevant year in which the Board approves the member’s application under paragraph (4).
(7) If the Board thinks fit in a particular case, the Board may resume making cash payments and crediting relevant contributions or additional relevant contributions under paragraph (5) to any of the eligible member’s accounts in the Fund before the effective date.