(1) A participant may apply to the Authority for early access to his or her balance on the grounds that, before reaching pensionable age, the participant -

(a) has retired through incapacity, or

(b) is in exceptional circumstances of ill-health.

(2) Where the Authority is satisfied of the grounds stated in an application under subsection (1), the Authority shall allow the application.

(3) Where the Authority determines that an applicant does not meet the requirements of subsection (1) and of regulations made under subsection (5), it shall refuse the application and notify the participant in writing of the refusal.

(4) A notification under subsection (3) shall:

(a) give the reasons for the refusal;

(b) state that the participant is entitled to a review of the determination under section 114.

(5) The Minister may prescribe the circumstances in which a participant is to be regarded for the purpose of this section as -