5. Where, on the commencement of the winding up period, a member becomes a person to whom Chapter 5 of Part 4 of the 1993 Act M1 applies (early leavers: cash transfer sums and contribution refunds), that Chapter applies as if—
(a)he had elected on the day on which that period begins for a contribution refund;
(b)he had accordingly acquired a right to such a refund (and not a right to a cash transfer sum) under section 101AB of that Act; and
(c)all steps required to be taken under that Chapter preliminary to that election had been taken.