(1) This section shall apply to a member of a funded scheme who is entitled to a preserved benefit under this Part.
(2) A member of a scheme to whom this section applies shall be entitled to the transfer of an amount of money from the scheme (in this Part referred to as a 'transfer payment') in accordance with subsection (3) equal -
(a) in the case of a defined benefit scheme, to the actuarial value of the preserved benefit, and of any amount payable under section 29(4), on the date on which the relevant application under subsection (3) is received by the trustees or on a date selected by the trustees which is not earlier than three months before, nor later than three months after, the first-mentioned date, and
(b) in the case of a defined contribution scheme, to the accumulated value of the appropriate contributions under the scheme in respect of the member, such value to be determined on a date not later than three months following the date of the receipt of the application,
and in e
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