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(2) Every participant in a general scheme who becomes employed as an officer or servant by the Commission in consequence of the relevant event and every person employed on probationary service as an officer or servant whose conditions of service were such as to entitle him on completion of his period of probationary service to become such a participant who becomes so employed, shall, subject to the provisions of this Regulation, be accorded by the Commission pension rights the same as or not less advantageous than those accorded by his scheme and subject to similar conditions as to payment of contributions and otherwise and the Commission shall have similar rights respecting the variation of terms and conditions affecting pension rights as were had at the date of the relevant event by any person.
(3) There shall be paid to or in respect of a participant in a general scheme, being such a participant or person employed on probationary service as is referred to in the last preceding paragraph, who loses his employment as an officer or servant in consequence of the relevant event, the cause of such loss having arisen not later than ten years after the relevant event—
(a)as from his reaching normal pensionable age, or as from the happening of any other contingency carrying entitlement to pension under the scheme, the payment or payments comprised in his accrued pension rights; or
(b)at the option of the Commission in any case where sum does not exceed £250, a lump sum equal in amount to the estimated capital value of his accrued pension rights at the date when the option is exercised, as determined by an actuary appointed by the Commission: