14.—(1) In the case of a person who—
(a)ceases to be employed in superannuable employment;
(b)is entitled to receive a refund of contributions under regulation 50 of the 1995 Regulations; and
(c)has applied for and received such a refund of contributions,
the Department shall make arrangements for that person, subject to paragraph (2), to receive a lump sum representing the total realisable value of the investments made by the Department in respect of that person under regulation 7(1), 8(2) or 9(4) less the amount of tax chargeable under section 598 of the Taxes Act (charge to tax: repayment of employee’s contributions).
(2) Where, in the circumstances mentioned in paragraph (1), contributions have been made by an employer, the Department shall make arrangements for that employer to receive a lump sum representing the total realisable value of the investments made by the Department in respect of contributions made by that employer under regulation 7(1) less the amount of tax chargeable under section 601 of the Taxes Act (charge to tax: payment to employers).