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Assignment of contributions to appropriate risk level
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70. (1) Amounts received by the Authority as contributions in respect of a participant shall be assigned by the Authority to the appropriate risk level.
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(2) Where the participant has selected a risk level by a procedure determined under subsection (3), the appropriate risk level is that level.
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(3) The Authority shall determine—
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(a) the procedure by which a participant may select a risk level for the purposes of subsection (2), and
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(b) the time or times at which a participant may select a risk level for those purposes.
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(4) Where subsection (2) does not apply, the appropriate risk level, subject to subsection (5), is:
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(a) where the period before the participant reaches pensionable age is more than 15 years, the higher risk level;
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(b) where that period is 15 years or less, but more than 5 years, the medium risk level;
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(c) where that period is 5 years or less, the lower risk level.
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(5) The Minister may make regulations specifying, for cases where subsection (2) does not apply, the appropriate risk level in relation to any period specified in the regulations before the participant reaches pensionable age.
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(6) Regulations under subsection (5) may provide—
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(a) for different risk levels to be the appropriate risk level in relation to different parts of the participant’s contributions, and
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(b) for this Part to apply, for the purposes of provision under paragraph (a), in relation to a part of a participant’s contributions as it would apply, but for the regulations, in relation to the participant’s contributions as a whole.
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