Regulation 4
Subject to the provisions of Regulation 8 of these Regulations, there shall be paid to or in respect of a participant in a funded scheme, being such a participant or person employed on probationary service as is referred to in the last preceding Regulation, who loses his employment as an officer or servant in consequence of the relevant event, the cause of such loss having arisen not later than ten years after the relevant event—
as from his reaching normal pensionable age, or as from the happening of any other contingency carrying entitlement to pension under the scheme, the payment or payments comprised in his accrued pension rights; or
at the option of the Commission in any case where the sum does not exceed £250, a lump sum equal in amount to the estimated capital value of his accrued pension rights at the date when the option is exercised, as determined by an actuary appointed by the Commission, reduced by an amount equal to any sum which the persons in whom the fund held for the purposes of the scheme is vested and the Commission or either of them may become liable to pay by way of income tax in consequence of the exercise of the option;
at the option of the officer or servant in any case where provision was made in the scheme entitling a person on ceasing to be a participant therein to receive a payment by way of a return of contributions and interest paid by him with or without interest thereon, a lump sum equal in amount to the total contributions and interest paid by him under the scheme or to the Commission with or without interest thereon as may have been provided in the scheme; or
at the option of the officer or servant in any case where provision was made in the scheme enabling a proportion of his pension rights to be compounded, a lump sum equal in amount to the estimated capital value of that proportion of his accrued pension rights at the date when the option is exercised as determined by an actuary appointed by the Commission, reduced by an amount equal to any sum which the persons in whom the fund held for the purposes of the scheme is vested and the Commission or either of them may become liable to pay by way of income tax in consequence of the exercise of the option:
Provided that the provisions of sub-paragraphs (b), (c) or (d) of this paragraph, as the case may be, shall not apply in any case where the option is not exercised within six months after the date upon which the officer or servant loses his employment as an officer or servant or within six months after the date on which these Regulations come into operation, whichever is the later.
Except as aforesaid, the Commission shall be under no liability to or in respect of the officer or servant concerned by reason of any rights under or arising out of the pension rights to be accorded to him under paragraph 1 of Regulation 3 of these Regulations.