(1) Subject to subsection (2), a participant's redemption date for the purposes of this Chapter is the date on which the participant reaches pensionable age.

(2) Where a participant dies without reaching pensionable age, the participant's redemption date for the purposes of this Chapter is the earlier of the following dates:

(a) the date on which the death is notified to the Authority;

(b) the date on which the participant would have reached pensionable age.