(1)  An existing contributor who, under regulation 34(1)(d) , ceases to be a contributor as a result of a prescribed arrangement may, by notice in writing to the Commission, elect to receive a benefit under this regulation instead of a benefit under regulation 34 .

(2)  An existing contributor who has at all times contributed at the basic contribution rate is entitled to a lump sum benefit equal to 3.5 times the balance of the contributor's account under regulation 28 together with a sum calculated under regulation 43(5) .

(3)  An existing contributor who has at any time contributed at a rate greater than 5% of salary is entitled to a lump sum benefit equal to the total of –

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

(b) the balance, if any, of that account after deduction of the part referred to in paragraph (a) ; and

(c) an amount calculated under regulation 43(5) .

(4)  If a contributor who is entitled to a benefit calculated under this regulation has attained his or her preservation age, the Commission is to pay the benefit so calculated to that contributor in accordance with regulation 59 .