6Section 62:

6 Section 62:

Add at the end:

‘(3) Subsection (2) does not apply in relation to a transferee who makes an election under subsection (1) and, instead, the transferee is entitled, in lieu of pension and lump sum benefit to which, but for the election, the transferee would be entitled under section 55 or 59:

(a) to have an amount equal to 2.5 times the transferee’s accumulated basic contributions paid to the fund nominated under subsection (1A); and

(b) to be paid a lump sum benefit equal to the sum of:

(i) the amount of the transferee’s accumulated basic contributions; and

(ii) the amount of the transferee’s accumulated supplementary contributions (if any).’.