414. Exercise of right.

414.     Exercise of right.

Where a member1 of an occupational pension scheme2 acquires a right3 to a cash transfer or contribution refund4, the member may exercise the right by giving a notice in writing to that effect to the trustees or managers stating: (1) which of the options5 he elects; and (2) if he elects for the cash transfer sum6, the permitted way7 in which he requires that sum to be used8.