4.—(1) The Committee shall invest any additional contributions which are not to be used to provide benefits payable in the event of death with a relevant body.
(2) Subject to sub-paragraph (3) and paragraph 6, upon the pensionable employee ceasing to be employed by the employing authority to which notice was given under paragraph 1(1), the Committee shall as soon as reasonably practicable apply the accumulated amount of the contributions invested as mentioned in sub-paragraph (1) to the provision of additional pension benefits under a pension policy.
(3) If the pensionable employee dies before such a policy is entered into the accumulated amount shall be payable to his personal representatives.