(1) Save in accordance with Chapter 2A of Part 30 of the Taxes Consolidation Act, 1997, a PRSA provider shall not pay the PRSA assets to a contributor, except where -
(a) the amount of the contributor's PRSA assets with that PRSA provider, at the time of a request by the contributor for or offer by the provider, does not exceed €650 or such other amount as the Minister may, by regulations, specify, and
(b) no contributions have been received from the contributor for a period of at least 2 years prior to the said request or offer,
in which case, if the PRSA provider complies with the condition referred to in subsection (2), he may refund the contributor's PRSA assets to him and, in the case of an offer by the PRSA provider of a payment, without the contributor's consent.
(2) The condition mentioned in subsection (1) is that a period of 3 months or more has expired from the service of a written statement by the PRSA provider on the contributor advising the contributor to transfer his
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