Paragraph 4 Refunds
If the Member’s accrued aggregate period of reckonable service exceeds that which would provide him with such maximum pension as would be calculated in respect of him at his normal retirement date under Schedule 2 to the principal Regulations, the Trustees shall, in accordance with the provisions of this paragraph, refund to him the contributions he has paid into the Fund in respect of the excess.
Subject to sub-paragraph (3), when making a refund under sub-paragraph (1), the Trustees shall refund contributions in the following order—
contributions paid in respect of any added years included in the Member’s accrued aggregate period of reckonable service as a participating Member; and
contributions paid in respect of the balance of the excess, the most recent contributions first.
Where the number of added years included in the Member’s accrued aggregate period of reckonable service as a participating Member is greater than the excess, the Trustees shall calculate the amount of all his contributions paid in respect of added years and the amount refunded shall be that proportion of the total amount of contributions paid for added years as the excess bears to the number of added years accrued.
When calculating an amount of contributions as at the appointed date, the Trustees shall add interest from the dates on which the contributions were paid respectively.
The Trustees shall pay any refund with interest from the appointed date when the Member so requests or, if no such request has then been made, when a pension comes into payment to or in respect of him under the principal Regulations.