Public Service Superannuation Regulations

22 The new option referred to in section 19 or 21 is deemed to have been exercised,

• (a) if the new option is in favour of a deferred annuity, on the day on which the initial option was exercised or was deemed to have been exercised;

• (b) if the new option is in favour of an annual allowance, on the day after the day on which the contributor ceases to be employed in the public service; and

• (c) if the new option is in favour of the transfer value referred to in section 13.01 of the Act, on the day on which the initial option was exercised or, if no option was exercised or was deemed to have been exercised, on the last day of the year that begins on the day after the day on which the contributor ceases to be employed in the public service.