78.—(1) This regulation applies where the repayment of a person's contributions under regulation 22 is not made because of regulation 124 (general prohibition on unauthorised payments) but where the person would otherwise be entitled to repayment of contributions.
(2) A short-service annuity is payable to the person (P) from the date specified by P in P's application which must be no earlier than 6 weeks after the date on which P's application is made.
(3) Except as otherwise provided in these Regulations, the annuity is payable for life.
(4) The annual rate of the annuity is the actuarial equivalent of the contributions which would have been repaid.