• 14. (1) The circumstances referred to in subsection 9(5) of the Act under which a contributor may revoke an option that the contributor has exercised under paragraph 11(3)(b) or (9)(b) of the Act, or is deemed under subsection 9(4) of the Act to have exercised, and exercise a new option exist if

  • (a) the contributor received erroneous or misleading information from an authorized advisor who normally gives information about the benefits in respect of which a contributor may exercise an option on ceasing to be a member of the Force; and

  • (b) that information was in respect of the amount, nature or type of the benefits in respect of which the contributor could have exercised an option, the procedures required to be followed to constitute a valid exercise of an option or an agreement referred to in subsection 24.1(2) of the Act.

• (2) A contributor who has received erroneous or misleading information may, in the circumstances set out in paragraphs (1)(a) and (b), revoke an option that the contributor has exercised under subsection 12(2) of the Act and exercise a new option; a contributor may also, in the same circumstances, revoke an option that the contributor has exercised under subsection 12.1(1) of the Act.

15. An option shall not be revoked under subsection 9(5) of the Act or subsection 14(2) and a new option shall not be exercised unless

• (a) the contributor exercised or failed to exercise the option on the basis of the erroneous or misleading information referred to in section 14 but would have made a different choice of benefit or would have exercised the option at an earlier time had there been no erroneous or misleading information given;

• (b) the contributor repays the benefits that resulted from the option and that were paid to the contributor

  • (i) subject to section 17, within 30 days after the day on which the notice that advises the contributor of the amount to be repaid is sent, if the contributor exercised the option under paragraph 11(3)(b) or (9)(b) or subsection 12(2) of the Act or was deemed under subsection 9(4) of the Act to have exercised the option, or

  • (ii) within three months after that day, if the contributor exercised the option under subsection 12.1(1) of the Act;

• (c) any benefits that resulted from the option and that were paid to the contributor under the Retirement Compensation Arrangements Regulations, No. 1 are repaid by the contributor to the Retirement Compensation Arrangements Account established under the Special Retirement Arrangements Act within the same time limits as provided for the repayment of the benefits under paragraph (b);

• (d) in the case of a contributor who revokes an option for a benefit under subsection 12.1(1) of the Act based on having received erroneous or misleading information in respect of the amount of any benefit under section 11, 12 or 12.1 of the Act, the information about the amount of a benefit to which the contributor was entitled was at least 5% different from the actual amount of that benefit; and

• (e) the option is revoked and the new option is exercised within

  • (i) in the case of an option exercised under paragraph 11(3)(b) or (9)(b) or subsection 12(2) of the Act or an option that was deemed under subsection 9(4) of the Act to have been exercised, three months after the day on which the contributor became aware that the information that the contributor had received was erroneous or misleading, or

  • (ii) in the case of an option exercised under subsection 12.1(1) of the Act, the later of three months after the day on which the contributor became aware that the information that the contributor had received was erroneous or misleading and six months after the day on which this subparagraph comes into force.