The Minister may, by regulations, make provision under which an amount that would otherwise fall to be paid to a participant under Chapter 2 or 3 may, at the option of the participant, be applied by the Authority by way of -

(a) the purchase of an annuity,

(b) the transfer into an approved retirement fund (within the meaning of section 784A of the Taxes Consolidation Act 1997), or

(c) a similar or related arrangement,

for the payment of benefits to or in respect of the participant.