41Payment of preserved benefits

41 Payment of preserved benefits

(1)  On application in writing to the Commission by a contributor who is entitled to a benefit under regulation 40(3) , (4) , (6) or (7) and who was a contributor on 30 June 1999, the Commission must pay to him or her an amount calculated in accordance with subregulation (3) , (4) or (5) .

(2)  Subregulation (1) does not apply to a contributor who has made an election under regulation 40(6)(b) .

(3)  If the benefit is calculated under regulation 34 , the amount payable is the lesser of the total amount of the benefit and the total of the following amounts:

(a) an amount equal to 3.5 times the part of the balance of the contributor's account under regulation 28 as at 30 June 1999 that the contributor would have received if he or she had, at all relevant times, been paying contributions at the basic contribution rate;

(b) the balance, if any, of that account as at 30 June 1999 after deduction of the part referred to in paragraph (a) .

(4)  If the benefit is calculated under regulation 35 , the amount payable is the total of the following amounts:

(a) an amount equal to 3.5 times the part of the balance of the contributor's account under regulation 28 as at 30 June 1999 that the contributor would have received if he or she had, at all relevant times, been paying contributions at the basic contribution rate;

(b) the balance, if any, of that account as at 30 June 1999 after deduction of the part referred to in paragraph (a) .

(5)  If the benefit is calculated under regulation 38(2) , the amount payable is the amount of the employee component calculated as at 30 June 1999.

(6)  A contributor who is entitled to be paid an amount in accordance with subregulation (1) may apply in writing to the Commission –