(1)  The Board may provide persons who have an account established or maintained under regulation 62 or 68 with a choice of investment options and may –

(a) establish and maintain such accounts; and

(b) determine an administrative policy and such terms and conditions –

as are necessary for the efficient and effective administration of those investment options.

(2)  Where investment options are provided in accordance with subregulation (1) , the Board must advise each person who has an account established or maintained under regulation 62 or 68 of those investment options, including an investment option that the Board will adopt if no direction is made by that person.

(3)  Subject to subregulation (1) , a person may direct which investment option is to apply to the whole or part of –

(a) the balance standing to the credit of his or her account; and

(b) any future amounts credited to that account.

(4)  A direction made under this regulation is to be in a form or manner approved by the Board and the Board must –

(a) give effect to that direction within 14 working days of receipt of that direction; and

(b) notify the person accordingly.

(5)  The Board may charge a fee to cover any cost of giving effect to a direction made under this regulation.

(6)  In the absence of a direction by a person under this regulation, the Board may invest any money standing to the credit of that person's account in an investment option determined by the Board.