(1) Subject to these Regulations, where an employment contribution is paid by an insured person who is an employed contributor or a voluntary contributor by virtue of section 21(1)(a) and whose entry into insurance occurred after he had attained the age of fifty-five years, the amount of such contribution, calculated in accordance with article 74 to have been paid in respect of State pension (transition), shall be returned to the insured person, if application to that effect is made in writing to the Minister within such time as he may determine.

(2) This article shall not apply to contributions paid by an employed contributor or a voluntary contributor who was insured at any time before he attained the age of 55 as an employed contributor under the National Health Insurance Acts, 1911 to 1952.