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7 (1) Where a member has elected to pay in instalments in respect of any period of service for which he has elected to pay into the Account,
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(a) the first instalment shall be due and payable at the end of the month in which the election made by the member has been received by the Minister and succeeding instalments shall be payable thereafter during the life of the member making such election in equal amounts except with respect to the last instalment which may be less in amount than the preceding instalments, the total number of instalments to be fully paid within a period of 20 years from the date of the making of the election by the member, computed in accordance with Canadian Life Table No. 2, Males or Females, as the case may be, with interest at
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(b) he may from time to time amend his payment plan to provide for payment of the instalments still to be paid
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(ii) by larger monthly instalments on a basis similar to that described in paragraph (a) calculated as of the date of the amendment, or
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(iii) by a lump sum and monthly instalments on a basis similar to that described in paragraph (a) calculated as of the date of the amendment and payable within the same or a lesser period than that previously arranged under paragraph (a), or
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(iv) by smaller monthly instalments on a basis similar to that described in paragraph (a), calculated as of the date of the amendment and payable within a longer period than that previously arranged under paragraph (a), if he amends his payment plan within the time within which he may elect under the Act to contribute in respect of previous sessions.
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(2) Where a member has elected to pay an amount in the manner prescribed in paragraph 9(7)(a) or subsection 21(3) of the Act and the amount has not been paid by the member within a period of 30 days of the making of the election, the member shall be deemed to have elected to pay the said amount or the balance of the said amount then owing, as the case may be, by instalments calculated in accordance with subsection (1).
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(3) Where an annual allowance is payable to a person under the Act and the person is in default in respect of any instalment payable by him under this section, recovery may be made at any time by retention by way of deduction or set-off out of any amount so payable to the person
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as the person elects, the value of which, calculated in accordance with Canadian Life Table No. 2, Males or Females, as the case may be, as the date on which the annual allowance is first payable to the person under the Act following such default, is the amount payable by him under this section with interest at the rate set out in subparagraph (1)(a)(i) or (ii), whichever is applicable.
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(4) Where at the death of a member or a person who has ceased to be a member, any amount payable by him into the Account is due and payable and is not paid, if the amount with interest as provided in this section is not forthwith paid by the personal representative of the member or the said person, it may be recovered at any time and, without prejudice to any other recourse available to Her Majesty with respect to the recovery thereof, by retention by way of deduction or set-off out of the allowance payable to the widow
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as the widow elects, with interest at the rate set out in subparagraph (1)(a)(i) or (ii), whichever is applicable.
