(1) Amounts received by the Authority as contributions in respect of a participant shall be assigned by the Authority to the appropriate risk level.

(2) Where the participant has selected a risk level by a procedure determined under subsection (3), the appropriate risk level is that level.

(3) The Authority shall determine -

(a) the procedure by which a participant may select a risk level for the purposes of subsection (2), and

(b) the time or times at which a participant may select a risk level for those purposes.

(4) Where subsection (2) does not apply, the appropriate risk level, subject to subsection (5), is:

(a) where the period before the participant reaches pensionable age is more than 15 years, the higher risk level;

(b) where that period is 15 years or less, but more than 5 years, the medium risk level;