115ARevocation of elections made by persons

115A Revocation of elections made by persons

[Regulation 115A Inserted by S.R. 2022, No. 11, Applied:31 Mar 2022]

(1)  If –

(a) a person has made an election under these regulations to –

(i) receive a benefit; or

(ii) receive the whole or part of a benefit as a lump sum or pension; or

(iii) commute all or part of a pension to a lump sum; and

(b) the payment of the benefit, pension or lump sum has not commenced –

the person may, with the approval of the Commission under subregulation (2) and in accordance with the conditions and requirements, if any, of the approval, revoke the election.

(2)  The Commission may approve the revocation by a person under subregulation (1) of an election made by the person, if the Commission is satisfied that –

(a) the effect of the election is inconsistent with the intention of the person at the time at which the person made the election; and

(b) it would be just and equitable to do so.

(3)  The Commission may, in an approval under subregulation (2) , impose conditions and requirements that the Commission thinks fit.