Repayment of investments in certain cases
15.—(1) In the case of a person who—
(a)ceases to be in pensionable employment; and
(b)is entitled to receive a return of contributions under regulation C13 of the 1988 Regulations; and
(c)has applied for and received such a return of contributions,
the Secretary of State shall make arrangements for that person to receive a lump sum representing the total realisable value of the investments made by the Secretary of State in respect of that person under regulation 9(1) or 10(2).
(2) There shall be deducted from any lump sum payable under paragraph (1) the amount of tax chargeable under section 598 of the Taxes Act.