(1) Subject to articles 32 (2) and 32 (3) the transfer amount in respect of a designated benefit, or part of a designated benefit, which has been calculated on a defined contribution basis and which is being applied pursuant to section 12 (5) of the Act of 1995 or section 17 (5) of the Act of 1996 shall be the accumulated value of the relevant percentage of the earmarked contributions.
(2) Subject to article 32 (3) where the member spouse is an active member of the pension scheme concerned at the date of receipt by the trustees of a valid application, earmarked contributions shall not include any contributions which would not have been payable as a retirement benefit to the member spouse had his reckonable service terminated on the date of receipt of such application.
(3) The accumulated value shall be determined on a date not later than 3 months following the date of receipt by the trustees of a valid application.